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If you were assigned a unit and signed a pre-lease but they just sent it to HPD does this means you pretty much got the apartment? Or is there still a chance you can get waitlisted even though a unit was already assigned to you?
Yes, anything can happen between the certification and HPD process. My friend signed her certification forms, saw the apartment and it's been 3 months since her docs were sent. Basically HPD told her that they are still processing people w/ preference so if they run out of apartments then she will not get it and be waitlisted.
Your log is 130? Do you have CB preference? I don't know how many appointments slots there were nor how many applicants were invited, but I got an email at night, so it very early morning and replied the same morning before start of business, and was offered the choice of 3 appointments. Within the next 20 minutes, there was only one left which I ended up taking.
I hope to be able to make this work. that would be a great upgrade and one really unique occasion.
No, I meant I'm at 130% AMI, and don't think the competition is any less. I never get CB preference as I currently live in an area that has no new construction yet.
Yes, anything can happen between the certification and HPD process. My friend signed her certification forms, saw the apartment and it's been 3 months since her docs were sent. Basically HPD told her that they are still processing people w/ preference so if they run out of apartments then she will not get it and be waitlisted.
That sucks! I have preference so I’m hoping I don’t get waitlisted. (Fingers crossed)
I just want to say thank you to all of those who have added their own input into this thread, it has helped tremendously in my current process and I can't thank you guys and gals enough. Hopefully I get final approval from the city soon and get to sign my lease. Good luck to all those currently processing as well!
Thanks for all the great info on this thread! Has anyone here with student loans every successfully gotten an apt? I have an interview next week, log# 5XX. I'm a city worker, make a little under $60k/year and just consolidated my student loans, around $140k (I know, kill me). Credit score is good. Should I not even bother wasting my time?
Thanks for all the great info on this thread! Has anyone here with student loans every successfully gotten an apt? I have an interview next week, log# 5XX. I'm a city worker, make a little under $60k/year and just consolidated my student loans, around $140k (I know, kill me). Credit score is good. Should I not even bother wasting my time?
Ouch! With that amount of debt, you might not be able to get a loan because your debt ratio cannot be more than 33%, if I am correct. You can still apply, and you may still qualify for the housing, is just the financing issue that you may have to face down the road.
Don't disqualify yourself, instead, let them disqualify you. If you don't try, how you know you will ever get one? It might take you years to even just get to the interview stages. So, apply, and see if you will ever get call to move on next stage.
Ouch! With that amount of debt, you might not be able to get a loan because your debt ratio cannot be more than 33%, if I am correct. You can still apply, and you may still qualify for the housing, is just the financing issue that you may have to face down the road.
Don't disqualify yourself, instead, let them disqualify you. If you don't try, how you know you will ever get one? It might take you years to even just get to the interview stages. So, apply, and see if you will ever get call to move on next stage.
Wish you the best.
Thank you so much for this info! To clarify, this is not to buy an apartment but an interview for an affordable rental unit.
Thank you so much for this info! To clarify, this is not to buy an apartment but an interview for an affordable rental unit.
I see. Still, you can still apply, and when you are selected, see if you total expenses including the rental exceed your income, if so, I would say tell them thank you but you can't do it. Maybe by that time, your situation might have change, you never know. Don't get discourage just because of your student loan, be positive and look for a better future. I am sure you are doing the best you can, and ignore those people who say you can't do it.
I see. Still, you can still apply, and when you are selected, see if you total expenses including the rental exceed your income, if so, I would say tell them thank you but you can't do it. Maybe by that time, your situation might have change, you never know. Don't get discourage just because of your student loan, be positive and look for a better future. I am sure you are doing the best you can, and ignore those people who say you can't do it.
I don't know if this decision is up the the applicant. But I can't pretend to know what all this means. Still, it seems to me that someone with $140,000 in student debt would be disqualified.
According to the Marketing Guidelines (page 51)
4. MONTHLY Debt to Income Ratio
The Marketing Agent may reject an applicant for monthly debt obligations
(including gross rent and minimum credit card and loan payments) that bring an
applicant’s gross debt-to-income ratio above 50% (60% if the obligations include
scheduled repayments for incurred medical bills or student loan debt) at the
time of processing.
5. TOTAL Debt to Income Ratio
a. The Marketing Agent may reject an applicant for total outstanding debt
(excluding rent) per household exceeding 25% of the household’s annual
gross income (30% if debt includes significant medical-related bills or
student loan debt).
b. In this “total” approach, rent is excluded to account for what actual
“debts” a household has prior to executing a lease. Tenants with
exorbitant debts pose financial risk for Marketing Agents, so the
acceptable level of debt is capped at a reasonable level that (a)
acknowledges the applicant has accrued some debt but is responsibly
paying it off as an alternative to bankruptcy and (b) specifically recognizes
an additional accommodation for hardships created by medical and
health-related circumstances and the cost of education.
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