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KK, since you're a wealth of knowledge on the topic...do you know if they evaluate your finances at the time of application, or at the time you come up on the list? I'm not in a position to be approved at this time, but definitely hope in 5 years I will be!!! Thanks!!!
They only evaluate how much you make at time of submission. They go thru ur credit report and other stuff at the board meeting - if you get that far. I live in a Mitchell-Lama co-op.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Thanks, Kefir King and SeventhFloor! Called today to request the app, and was instructed to send a SASE. So I did before I could procrastinate any more
Thanks, Kefir King and SeventhFloor! Called today to request the app, and was instructed to send a SASE. So I did before I could procrastinate any more
You really have nothing to lose and time flies by faster than we think.
Put in the application!!! do not focus on the amount of time that the application quotes for you to get called!!! I thought the same thing and it the application quoted 7 to 10 years!! and I got a response in 1 year!!
Yikes! I'm not ready for it to happen that fast...based on the requirements I see on Co-op City's app as far as income, credit, etc...I'm not there yet. Not to mention I don't have the purchase price liquid...and for ML co-ops, mrtgages aren't advised, is that correct?
Relax Liz,
It doesn't happen anywhere NEAR that fast in Manhattan.
Whew! Income this year is going to be wacky...lots of unusual payouts (severance, tuition reimbursement, 401k distribution) will most likely put me over $49k threshold.
Ignore all the one-time unrepeatables and put together a reasonable guesstimate for the under 49K submission.
A friend told me that "they like assets." So remember that when you get your final shot but also remember they count 2% of these assets as income.
When they call you it will be only what is pertinent in THAT YEAR that will be tabulated.
What I usually did was to submit what I KNEW, and that was LAST years income. If it didn't fit the limits I FUDGED a bit knowing it had no real meaning. I mentioned or didn;t mention assets as I saw fit.
I had DOZENS of applications floating around two states with all kinds of "deals."
I was actually called for a place 16 YEARS after my submission...and all the income limits had almost QUADRUPLED during that time. Imagine!
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