AFI Training Toolkit for Money Smart Module #10: Your Own Home

The AFI Resource Center has developed a series of training toolkits to supplement the FDIC’s Money Smart curriculum. They provide additional lessons on key asset building topics and are designed for use with participants in Individual Development Account (IDA) programs. The tools in this document supplement FDIC’s Module #10: Your Own Home, which is designed to help participants assess their readiness to become homeowners and to understand the process of applying for a mortgage. The AFI toolkit before you, which you may also download, includes: 

• An overview of how Money Smart Module #10 is organized. 
• AFI Supplemental Training Tools that can be used to teach the Money Smart curriculum to different Target Audiences.  (e.g., people without formal banking relationships, people with existing banking relationships, young people).

To get the most benefit from this Toolkit:

• Order a complimentary copy of the FDIC Money Smart Curriculum and become familiar with its contents. 
• See the key terms and definitions used in the AFI Training Toolkits. 
• Access the Training Techniques and Terminology used in the AFI Training Tools.
  

Overview of Money Smart Module #10: Your Own Home

Objectives

The objectives for this module are that at the end of the module, participants will be able to:

• Describe the benefits and pitfalls of renting versus owning a home.
• Identify the steps required to buy a home.
• Identify questions to ask to determine their readiness to buy a home.
• Identify basic terms used in a mortgage transaction.
• Describe the advantages and disadvantages of different mortgage options.
• Understand how to avoid foreclosure prevention scams.

The total delivery time for this module is 90 minutes, depending on how long participants take to complete the exercises.

Step-by-Step Overview of the Module

This module begins by soliciting participant expectations for the session and providing an overview of the module objectives. At this time, participants also complete the “Before-the-Training” column of the “What Do You Know?” form found at the end of the participant guide. 

The module next includes a discussion of whether to rent or own a home. The facilitator leads a brainstorming session where participants contribute their own opinions of renting versus buying. 

The module continues with an outline of the steps involved in buying a home, including:

• Determine if you are ready to buy a house
• Determine how much mortgage you can afford
• Determine which mortgage option is best for you
• Qualify for a loan
• Go through settlement and closing

This outline of the steps involved in buying a home are then covered in greater detail in the remainder of the module. At this point participants are introduced to Patricia, a fictional first-time homebuyer, whose story in case study format appears throughout the lesson.

In the next section, “Am I Ready to Buy a Home?” participants review the factors necessary to qualify for a mortgage, such as:

• Steady source of income
• Two to three years of employment
• Reliable income
• Credit history
• Good record of paying bills
• Future ability to pay bills and other debts
• Ability to pay mortgage as well as taxes, insurance, maintenance, and repairs
• Additional money saved for down payment and closing costs

The module then reviews various homebuyer assistance programs offered by non-profits and government entities that may include the following features:

• Zero or low down payment requirements
• More flexible underwriting standards
• Longer payment terms than typical mortgage loans
• Homeowner education
• Restrictions such as purchase price limitations, service charges, and higher loan origination fees

The next section provides definitions for a number of mortgage terms, including:

• Principal – the amount applied to the outstanding balance of the loan
• Interest – the amount of the charge for borrowing money
• Taxes – 1/12^th of the estimated annual real estate taxes on the home
• Insurance – 1/12^th of the annual homeowner’s insurance premium
• Private Mortgage Insurance – insurance paid by borrowers putting down less than 20% down payment
• Capacity – present and future ability (through income) to meet payment obligations
• Capital – the value of assets and net worth
• Character – how you have paid bills or debts in the past, as expressed in a credit report
• Collateral – property or assets offered to secure a loan

In the following section, “How Much Mortgage Can I Afford?” the facilitator briefly discusses the Fair Housing Act and segues into the definitions of pre-qualification and pre-approval. Participants are led through an exercise to determine how much mortgage the fictional character Patricia can afford. 

The module continues with instructions on shopping for a mortgage. The facilitator guides participants in approaching lenders and explains that a Good Faith Estimate includes all settlement costs charged by a lender. A Mortgage Lending Worksheet is included in the Participant Guide, and the facilitator uses it to advise participants on the questions to ask of lenders about their various mortgage products. The section concludes with participants examining the features of the mortgage that Patricia chooses.

The next section features a discussion of a loan settlement, including an explanation of the HUD-1 Settlement Statement.

Your Own Home concludes with a discussion of how homeowners can tap into the equity of their homes, including each option’s advantages and risks. Options include:

• Home equity loan
• Home equity line of credit
• Cash-out refinancing
• Reverse mortgage
  

AFI Training Tools for Money Smart Module #10: Your Own Home

The following training tools may be used for different Target Audiences of IDA participants, including people without formal banking relationships, people with existing banking relationships, young people, and new Americans (immigrants, refugees, and asylees).

• 10.1 Key Terms and Definitions – Provides participants with definitions and explanations of key terms related to buying a home.
• 10.2 Should I Rent or Should I Own – Provides participants with a guided decision-making process to determine if renting or owning a home is right for them. This is presented through a presentation; individual exercise; and large group facilitated discussion, and is intended to supplement the Money Smart segment on renting versus owning. Target audiences: people without formal banking relationships, people with existing banking relationships, young people and new Americans.
• 10.3 What You Need Vs. What You Want – Provides participants with a way to critically think about what advertisers in the home industry are marketing. This is presented through a presentation, individual exercise, and large group facilitation. This exercise can be used to make the Money Smart segment on assessing one’s readiness for homeownership more accessible for AFI participants.  Target audiences: people without formal banking relationships, people with existing banking relationships, young people and new Americans.
• 10.4 House Rich But Cash Poor – Provides participants with an analysis of putting all of their wealth into home ownership versus other various savings and investment vehicles. This is presented through presentation. This exercise can be used to make the Money Smart segment on assessing one’s readiness for homeownership more accessible for AFI participants.    Target audiences: people with existing banking relationships, young people and new Americans.
• 10.5 Fair Housing: The Skit – Provides participants with information on fair housing laws and the opportunity to act out scenarios where they need to defend their rights. This is presented through presentation; skit with active listening; and large group facilitation. This exercise can be used to make the Money Smart segment on assessing mortgage affordability more accessible for AFI participants.   Target audiences: people without formal banking relationships, people with existing banking relationships, young people and new Americans.
• 10.6 Prequalification Worksheet – Provides participants with a guide to prequalify themselves for a home purchase. This is presented through a guided individual exercise. This exercise can be used to make the Money Smart segment on assessing mortgage affordability more accessible for AFI participants.  Target audiences: people with existing banking relationships, young people and new Americans.

Feel free to adapt these materials for your IDA participants. The AFI Resource Center welcomes feedback on the content or quality of these supplemental materials and exercises. 

10.1 Should I Rent or Should I Own?

Purpose: To provide participants with a guided decision making process to determine if renting or owning a home is right for them.

Objectives:

By the end of this session, participants will be able to:

• Determine what lifestyle characteristics lend themselves to renting versus buying a home
• Decide for themselves if it is the right time to buy a home

Time Needed: 15-20 minutes

Materials Needed: Chart paper or erasable board; markers; yellow and blue “Should I Rent or Should I Own” cards for each participant

Process: Presentation (Part I); Individual Exercise (Part II); Large Group Facilitated Discussion (Part III)

Part I: Presentation

Explain:

• It is the “American Dream” to purchase a home. We see the image throughout the media of the comfortable home with the white picket fence. Many people that you talk to will tell you that they want to buy a home someday.
• We also can see the support of homeownership through the federal tax code. As taxpayers we are rewarded for buying a home through the mortgage interest tax deduction¹. What we pay in interest on a mortgage is deducted from our taxable income, reducing our adjusted gross income and making the amount we owe in taxes lower. Renters are not rewarded by the Federal government for renting.
• But is homeownership right for everyone? Is it right for you? For some people, homeownership is right at certain times of their lives. For others, it might never make sense to own a home regardless of media portrayal of homeownership or the Federal government’s support of it.

Part II: Individual Exercise

Explain:

• In the following exercise you will have the opportunity to determine if renting or owning is right for you. Each participant should have a set of “Should I Rent or Should I Own” cards. Go through each card one by one and think about whether the statement pertains to you and your current lifestyle. Lay out the cards in front of you. For the cards that do not represent you, return them to the stack on the table.
• You will have 5 minutes to complete this exercise.

Part III: Large Group Facilitated Discussion

Ask: Now that you have your cards laid out in front of you, please note the color of the cards: Are the majority of your cards yellow or are they blue? If most of your cards are yellow, it might make sense to continue renting for the time being. If most of your cards are blue, the time may be right to own.

Explain:

As we said in the beginning of this section, there is no right or wrong to renting versus owning a home. It is up to us to decide what we want to do. 

Ask: What characteristics should a person possess before becoming a homeowner?

Use the phrases on the blue cards to review where a person needs to be in their life in order to consider becoming a homeowner. Clarify that there are some homeownership situations – such as condominium ownership – when renting and owning may appear similar. Some of the reasons a person may want to consider being a homeowner include:

• Likely to remain in a community for a long time
• Doesn’t mind being responsible for repairs and maintenance around home
• Interested in remodeling home from time to time
• Interested in generating wealth – even if it means through the long term – through building equity in a home (equity builds upon if the home increases in value over time and as payments are made on the principal owed on the mortgage)
• Doesn’t mind having a larger portion of income designated to housing costs
• Stable and predictable source of income
• Has savings and/or investments
• Strong credit history

10.2 What You Need Vs. What You Want

Purpose: To provide participants with a way to critically think about what advertisers in the home industry are marketing.

Objectives:

By the end of this session, participants will be able to:

• Understand that marketing is designed to convince them to buy a home, but this may not be right if they cannot afford it
• Make educated choices about what type of housing they need in order to be comfortable

Time Needed: 30-40 minutes

Materials Needed: Chart paper or erasable board; markers; “Your Home: What You Need Vs. What You Want” handout

Process: Presentation (Part I); Individual Exercise (Part II); Large Group Facilitation (Part III)

Part I: Presentation

Explain:

• We are going to talk about our dream homes. But when we do that, we must also talk about what we can truly afford. In flipping through glossy magazines and watching home improvement shows on television, consumers can be convinced that they “must” have this or that extra feature in order to make their homes more comfortable.
• From 1975 to 2005, the average square footage size of new single-family homes grew by 48 percent, even though the typical number of people in a household got smaller, falling from 2.94 people in 1975 to 2.6 people in 2004.²
• The desire to trade up to a bigger home has been fueled by the growth in personal incomes in the 1990s. But can everyone afford what is now considered a typical home? Let’s look at how homes have changed in the past 30 years:

• Even garages have gotten bigger: In 1991, 10% of garages were built to house three cars; by 2005 that percentage had doubled to 20 percent.
• Now let’s look at the distribution of features in homes in 2005.

• Finally, let’s look at consumers’ attitudes (as of a 2005 survey) regarding why they chose their homes:

1.       Financial

2.       Room layout

3.       Design

4.       Size

• And why they chose their neighborhood:

1.       Convenient to job

2.       Close to friends or relatives

3.       House itself

4.       Look and design of neighborhood

• We can see through these data that the houses themselves (as opposed to what they are to be used for) are very important to many homebuyers. In the data above, the top reasons for choosing a home did not include space for family members or energy-efficient appliances, but instead included room layout and design. By being aware that “the new normal” might be more house than we can afford, we are able recognize these marketing generated “needs” to make better choices for ourselves and our families.

Part II: Individual Exercise

Explain:

• On your worksheet you will find a list of home features.
• Think about each feature using the accompanying questions to consider how your family will use each feature.
• Place a check in the box that best represents your needs – either Yes/No, or 0/1/2/3/4+, with the numbers indicating how many of those items you want, such as bathrooms.
• Once completed, this worksheet will help you to identify what to look for in a home.
• You will have 10 minutes to complete this exercise.

Part III: Large Group Facilitated Discussion

Use the following questions to introduce the discussion on purchasing a home that one can afford:

Ask: How has completing this worksheet helped you to identify the types of homes to look for?

Ask: Now that you have completed the worksheet, how have your opinions changed on what type of home would best suit your family’s needs?

Conclude with the following statement:

• Even though the typical American home has gotten bigger in the last 30 years, it does not mean that families need to purchase homes that they cannot afford, either through high mortgage payments or by high utility costs on space that is only occasionally used.

10.3 House Rich But Cash Poor

Purpose: To provide participants with an analysis of putting all of their wealth into home ownership versus other various savings and investment vehicles

Objectives:

By the end of this session, participants will be able to:

• Understand that while home ownership has its advantages, it is important to consider other uses of income and savings

Time Needed: 15-20 minutes

Materials Needed: Chart paper or erasable board; markers; “Are You Using Your Money in a Balanced Way?” handout

Process: Presentation (Part 1)

Part I: Presentation

Explain:

• You may have heard the phrase, “house rich but cash poor,” but what exactly does that phrase mean?
• If we take all of our life savings and put all of it into our homes, we may be able to buy a home that is comfortable for our families, but we are taking a gamble on the future trends of the housing market and the potential returns we will receive on our investment.   We leave ourselves vulnerable to fluctuations in the housing market. 
• In addition, tying up most of our funds in a home might leave us without the cash needed to overcome an emergency such as job loss, an illness, or divorce. And not having the income to pay for a mortgage could lead to a subsequent foreclosure that has dire consequences on our credit records, impacting our ability to borrow money at low rates in the future.³
• When an area’s economy takes a hard hit, like when a factory closes operations and moves out of town, personal income (through hours of work and/or unemployment) and real estate values both may drop.⁴
• Finally, using all of our life savings as a down payment on a home takes away what we might be able to invest in other things that can also benefit our families over the long-term, such as:
  • Retirement accounts
  • Investments
  • 529 accounts for children’s post secondary education and training
  • Savings for small business
  • Higher education for ourselves
• Let’s look at one example. Suppose a family with savings of $10,000 put all of their money in a home. By requiring 100% of the family wealth to be invested in the home increases the volatility of their investments from 7.5% (if they were to invest the money in the stock market) to over 19% per year! This is a huge difference in risk. From the perspective of a working family seeking to preserve and grow their life savings, this difference in risk should not be taken lightly. Saving just enough money to buy a home might not be the best investment strategy for some families. Under some circumstances renting and investing the equivalent of the down payment in an alternative investment can earn a better return, even though some equity would have built by owning instead of renting anyway.⁵
  
• In their book, All Your Worth: The Ultimate Lifetime Money Plan, Elizabeth Warren and Amelia Warren Tyagi offer a framework for divvying up monthly net income. In the diagram on your worksheet, “needs” represent the bills that you must pay each month (including housing), “savings” represent money that is put away for the future, and “wants” represent the optional items that make life enjoyable.⁶

The grid at the bottom of your worksheets provides space for you to document how much of your monthly net income is going towards housing and other needs,  how much is put towards saving in vehicles besides your home, and how much is being enjoyed on wants.

House Rich But Cash Poor

Needs: Bills that you have to pay every month, including all housing costs

Savings: Money that you put away for a better tomorrow, such as:

• Retirement accounts                     
• Savings for a small business                        
• Investments                                     
• Higher education for you
• 529 accounts for your children

Wants: Fun money for right now

Are you using your money in a balanced way?

10.4 Fair Housing: The Skit

Purpose: To provide participants with information on fair housing laws and the opportunity to act out scenarios where they need to defend their rights.

Objectives:

By the end of the session, participants will be able to:

• Determine when they, as potential homebuyers, are not being treated fairly
• Defend their interests when they find themselves in a situation where they may be discriminated against

Time Needed: 30-40 minutes

Materials Needed: Chart paper or erasable board; markers; six slips of paper with descriptions of various characters, from “Fair Housing Act Skit Character Descriptions” handout; “Fair Housing: The Skit” handout; “Fair Housing: Protecting Your Rights” handout; six volunteers

Process: Presentation (Part I); Skit with Active Listening (Part II); Large Group Facilitation (Part III)

Part I: Presentation

Before beginning, announce to the participants:

• In this module, we have been talking about some of the things we need to know in order to use our IDA savings to purchase a home. In this next exercise I will need six volunteers; will anyone be willing to participate in a skit?

To the six volunteers, distribute the six roles and instruct the participants to share their roles with their partners but to keep the details a secret. Offer to give clarification to those who need it.

To the entire group, explain the following:

• In this module we have been talking about what we need to know to qualify for a mortgage so that we can use our IDA savings to purchase a home.
• It is important to know that when we are shopping for a home and a mortgage, there are laws in place to protect us from discrimination. The Fair Housing Act⁷ prohibits discrimination on the basis of:
  • Race or color
  • Religion
  • Sex
  • National origin
  • Family status
  • Handicap
• As well, specific acts are prohibited:
  • Refuse to rent or sell housing
  • Refuse to negotiate for housing
  • Make housing unavailable
  • Deny a dwelling
  • Set different terms, conditions, or privileges for sale or rental of a dwelling
  • Falsely deny that housing is available for inspection, sale, or rental
  • For profit, persuade owners to sell or rent
  • Deny anyone access to or membership in a facility or service (such as MLS, Multiple Listing Service of homes for sale) related to the sale or rental of housing
  • Refuse to make a mortgage loan
  • Refuse to provide information regarding loans
  • Impose different terms or conditions on a loan (interest rate, points, fees)
  • Discriminate in appraising property
  • Refuse to purchase a loan
  • Set different terms or conditions for purchasing a loan
• These acts are listed on your handouts.

Part II: Skit

Explain:

• As we just discussed, the Fair Housing Act protects specific groups of people from specific practices regarding the purchase of real estate or applications for a mortgage. 
• Right now, we are going to re-create some scenes where IDA savers like you are shopping for a home or a mortgage.
• Think about how the scene flows. On your handout, “Fair Housing: The Skit,” you will see a grid with each of the prohibitions covered by the Fair Housing Act. For each skit, check the boxes where you see the customer’s rights being violated.

Call for the two volunteers for Skit #1 to come to the front of the room. Give the large group a brief description of who they are portraying. Give them 3-5 minutes to act out the scene. Remind participants to take any needed notes on their handouts. Repeat with Skit #2 and Skit #3.

Part III: Large Group Facilitated Discussion

Begin the large group facilitated discussion by stating the following:

• We have now witnessed three different scenes as educated IDA savers go about trying to find the right home or the right mortgage
• Let’s review what you heard the actors saying and how you interpreted it

Ask: In Skit #1, why do you think that the IDA saver was discriminated against?

• Race or color
• National origin

Ask: How might the real estate agent have been engaging in unfair practices?

• Refuse to sell housing
• Make housing unavailable
• Deny a dwelling
• Falsely deny that housing is available for sale

Ask: In Skit #2, why do you think that the IDA saver was discriminated against?

• Sex
• Familial status

Ask: What did the lender do that might have been unfair practice?

• Refuse to make a mortgage loan
• Refuse to provide information regarding loans
• Impose different terms or conditions on a loan, such as interest rates, points, or fees

Ask: In Skit #3, why do you think that the IDA saver was discriminated against?

• Disability

Ask: What did the developer do to that might have been unfair practice?

• Deny a dwelling (by refusing to make necessary modifications)

Conclude the discussion with the following questions.

Ask: How did it feel to watch the volunteers acting out the different scenarios? 

Ask: Did it give you any ideas about how you might handle the situation if you find yourself in a situation where you feel that you are being discriminated against?

Explain:

• There are steps that we can take if we feel our rights have been violated. HUD has staff members who address issues of discrimination, and they will follow up on any reports made. You have up to one year after the alleged violation to submit your complaint, but you should contact HUD as soon as possible.
• To file a complaint, contact HUD with the following information:
  • Your name and address
  • The name and address of the person your complaint is against
  • The address or other identification of the housing involved
  • A short description of the alleged violation
  • The date of the alleged violation
• All the information that you need is listed on your handout.

10.5 Prequalification Worksheet

Purpose: To provide participants with a guide to prequalify themselves for a home purchase.

Objectives:

By the end of this session, participants will be able to:

• Identify the information needed to conduct a prequalification
• Determine how much house they can afford

Time Needed: 15-20 minutes

Materials Needed: Chart paper or erasable board; markers; “Prequalification Worksheet” for each participant

Process: Guided Individual Exercise (Part I)

Part I: Guided Individual Exercise

Explain the following:

• It is possible for you to determine how much house you can afford.
• The information that you will need to gather to complete this worksheet includes all sources of stable and verifiable income, including:
  • Salary and wages
  • Self employment income
  • Unemployment compensation
  • Social Security
  • Rental income
  • Seasonal employment income
  • Commission income

It also requires that you gather all sources of debt with a term of 10 or more payments, such as:

• Credit cards
• Lines of credit
• Car loans
• Student loans
• 401(k) loans

Lead participants in completing the worksheet using personal financial information.

AFI Training Tools Handouts

Supplemental Handout for Exercise 10.3

[Click here to download]

Are You Using Your Money in a Balanced Way?

Supplemental Handout for Exercise 10.4

[Click here to download]

Supplemental Handout for Exercise 10.5

[Click here to download]

There are steps that we can take if we feel our rights have been violated. 

HUD has staff members who address issues of discrimination, and they will follow up on any reports made. You have up to one year after the alleged violation to submit your complaint, but you should contact HUD as soon as possible.

There are several ways to file a complaint:

                You can log on to http://portal.hud.gov/hudportal/HUD?src=/program_offices/fair_housing_equal_opp/online-complaint

                You can call toll-free (800) 669-9777

                You can write a letter and mail it to:

                                Office of Fair Housing and Equal Opportunity
                                Department of Housing and Urban Development
                                Room 5204
                                451 Seventh St. SW
                                Washington, DC 20410-2000

                In the letter include the following information:

• Your name and address
• The name and address of the person your complaint is against
• The address or other identification of the housing involved
• A short description of the alleged violation
• The date of the alleged violation

Prequalification Worksheet

Supplemental Handout for Exercise 10.6

[Click here to download]

MONTHLY INCOME

Total Gross Monthly Income for Borrow and Co-Borrower:                             $______(1)

(e.g., salary and wages, self employment income, unemployment compensation, Social Security, seasonal employment income, commission income.)

Housing Expense Ratio or Front-End Ratio

Maximum amount you could afford toward your monthly housing expense. Lenders typically allow for up to 33 percent of gross monthly income.

                Total Gross Monthly Income                                                                       $______(1)

                Housing Expense Ratio                                                                               x         0.33 

Maximum Monthly Housing Expense:                                                                     $______(2)

Total Debt Ratio or the Back-End Ratio

Maximum amount you could afford to pay each month toward all debt (housing expense, installment and revolving credit debt). Lenders typically allow for up to 38 percent of gross monthly income.

                Total Gross Monthly Income                                                                       $______(1)

                Total Debt Ratio                                                                                             x         0.38 

Maximum Monthly Total Debt Expense:                                                                 $______(3)

CURRENT MONTHLY DEBT OBLIGATIONS

Total Monthly Installment Debt Payment:                                                              $______(4)

(e.g., car loans, student loans, 401(k) loans.)

Revolving Credit Debts

Lenders multiply the total of all revolving credit debt (e.g., credit cards, lines of credit) by five percent to estimate the monthly payment.

                Total Revolving Credit Balance                                                                  $_________

                Five percent Minimum Payment                                                                  x          0.05

Total Monthly Revolving Credit Debt Payment:                                                     $______(5)

Total Monthly Installment + Revolving Debt Payments:                                      $______(6)

Available Income Test

Maximum monthly mortgage payment that you could afford, including principal, interest, taxes and insurance (PITI).

Maximum Monthly Total Debt Payment                                                                      $______(3)

Monthly Installment & Revolving Credit Debt Payments                                        -$______(6)

Maximum Affordable Monthly Mortgage Payment (PITI):                                  =$______(7)

HOME AFFORDABILITY

Maximum Payment Calculation

The Affordability Factor Table is based only on the principal and interest portion of your estimated mortgage payment. For the purpose of this estimate, assume that 75 percent of your total mortgage payment goes toward principal and interest; the remaining 25 percent toward taxes and insurance.

The smaller of Line 2 or Line 7                                                                                     $________

75 percent for Principal and Interest                                                                             x        .75

Maximum Principal & Interest Payment:                                                               =  $           (8)

Home Affordability and Down Payment Options

Using the Maximum Principal & Interest Payment and the Home Affordability Factor Table on the following page, determine your home affordability and down payment options that can help you meet your homeownership goal.

HOME AFFORDABILITY FACTOR TABLE 

Instructions:

1. Find the current interest rate on the table.

2. Read across and record the factor.

4. Complete the affordability analysis calculations.

Down Payment

Rate                       0%          3%          5%          10%        15%        20%

4.50                        161         172         180         198         218         246

4.75                        157         168         175         192         212         239

5.00                        154         164         171         188         207         232

5.25                        150         160         167         183         201         226

5.50                        147         156         163         178         196         220

5.75                        143         152         159         174         191         214

6.00                        140         149         155         169         186         208

6.25                        137         145         152         165         181         203

6.50                        134         142         148         161         177         197

6.75                        131         139         145         158         173         192

7.00                        128         136         141         154         169         187

7.25                        125         133         138         150         165         183

7.50                        123         130         135         147         161         178

7.75                        120         127         132         144         157         174

8.00                        118         125         129         141         153         170

8.25                        115         122         127         137         150         166

8.50                        113         119         124         134         147         162

8.75                        111         117         121         132         143         158

9.00                        109         115         119         129         140         155

9.25                        107         112         117         126         137         151

9.50                        104         110         114         124         134         148

9.75                        103         108         112         121         132         145

10.00                     101         106         110         119         129         142

10.25                     99           104         108         116         126         139

10.50                     97           102         106         114         124         136

10.75                     95           100         104         112         122         133

11.00                     93           98           102         110         119         131

11.25                     92           97           100         108         117         128

11.50                     90           95           98           106         115         126

11.75                     89           93           96           104         113         123

12.00                     87           92           95           102         111         121

12.25                     86           90           93           100         109         119

1. Internal Revenue Service. (n.d.). Publication 936. Retrieved September 30, 2009, from IRS.gov: http://www.irs.gov/publications/p936/ar02.html