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I sent a post card in for a one bedroom. My friend who lives at the same address did as well. Do you think we will be disqualified being we live at the same address? We are separate buyers.
Also I have been on wait lists for many places since 1998. I was told they cant find me in any system when I call trying to find out status. These things are such bull.
I don't see how living at the same address would disqualify you. However, remember the first step is a lottery -- so one or both of you may simply not get randomly picked.
If you do get picked, send in your application and get on the list you can follow your progress online--no need to call. During the time I was on the list I actually saw the number people in front of me increase once--that was from old applications being reactivated at one point. Keep in mind you do not need to reach zero to get a letter to look at an apartment. The list indicated there were over 400 people in front of me when I got a letter. This is because during the years people are waiting, some move away, can't get funding, pass away, or totally forget they are waiting and don't respond.
You should start saving your money immediately if you get picked because each apartment requires 50% down. If you change your mind the worse thing that happens is you have a nice best egg to spend elsewhere.
I don't see how living at the same address would disqualify you. However, remember the first step is a lottery -- so one or both of you may simply not get randomly picked.
If you do get picked, send in your application and get on the list you can follow your progress online--no need to call. During the time I was on the list I actually saw the number people in front of me increase once--that was from old applications being reactivated at one point. Keep in mind you do not need to reach zero to get a letter to look at an apartment. The list indicated there were over 400 people in front of me when I got a letter. This is because during the years people are waiting, some move away, can't get funding, pass away, or totally forget they are waiting and don't respond.
You should start saving your money immediately if you get picked because each apartment requires 50% down. If you change your mind the worse thing that happens is you have a nice best egg to spend elsewhere.
Hey Bark,
Assuming someone didn't have the full 50 percent in cash to put down, what are some of their other options for the down payment that the coop would allow? Also, what are some of the approved lenders that you can use for financeable portion? Can you use MCU? I know that Penn South has a credit union. Are their rates comparable to other banks/credit union or is higher because they know that people are excited for the opportunity? Thanks in advance.
Assuming someone didn't have the full 50 percent in cash to put down, what are some of their other options for the down payment that the coop would allow? Also, what are some of the approved lenders that you can use for financeable portion? Can you use MCU? I know that Penn South has a credit union. Are their rates comparable to other banks/credit union or is higher because they know that people are excited for the opportunity? Thanks in advance.
Well, as I recall they were pretty flexible in terms of lenders and I tried to go for an FHA loan from the major banks at first. However, at the time the coop was leaning on me to close very quickly. All the banks were willing to do business with me but couldn't process the loan that quickly. So, I went with the credit union since they were the only financing option that could give me a mortgage within the timeframe I needed. However, I have *heard* that changed and now people have longer (I don't know how long) to obtain financing -- so more options may be available to you. The credit union did have a slightly higher rate than the other lenders, but since the loan amount was relatively low it wasn't a big deal.
As for the 50% down, I was luckily able to scrape together the funds for that portion. I don't know how you might go about getting the cash if you don't have it at the time you get a letter--but I think there might be some special financing for FHA loans that *might* help--check into it. If you get on the list, you will probably wait for years to get an apartment so there is time to plan. You should also plan to spend around $5K in case you need to a kitchen floor covering and appliances.
Well, as I recall they were pretty flexible in terms of lenders and I tried to go for an FHA loan from the major banks at first. However, at the time the coop was leaning on me to close very quickly. All the banks were willing to do business with me but couldn't process the loan that quickly. So, I went with the credit union since they were the only financing option that could give me a mortgage within the timeframe I needed. However, I have *heard* that changed and now people have longer (I don't know how long) to obtain financing -- so more options may be available to you. The credit union did have a slightly higher rate than the other lenders, but since the loan amount was relatively low it wasn't a big deal.
As for the 50% down, I was luckily able to scrape together the funds for that portion. I don't know how you might go about getting the cash if you don't have it at the time you get a letter--but I think there might be some special financing for FHA loans that *might* help--check into it. If you get on the list, you will probably wait for years to get an apartment so there is time to plan. You should also plan to spend around $5K in case you need to a kitchen floor covering and appliances.
So wait - is the 50% down payment a requirement from the co-op itself or is it just a requirement to get financing from the credit union?
So wait - is the 50% down payment a requirement from the co-op itself or is it just a requirement to get financing from the credit union?
Finally a question I can answer... per the website, they only allow you to finance 50 percent. In my case, I would need to clean out my child's 529 (then doubling what I contribute now, after the sale). That is pretty much the only way I could reach the $54000 to 67000 in a few years. I am assuming that is the type of creativity that would be required for most middle class people in NYC that are relatively young and don't have people lining up to give them down payment money.
Finally a question I can answer... per the website, they only allow you to finance 50 percent. In my case, I would need to clean out my child's 529 (then doubling what I contribute now, after the sale). That is pretty much the only way I could reach the $54000 to 67000 in a few years. I am assuming that is the type of creativity that would be required for most middle class people in NYC that are relatively young and don't have people lining up to give them down payment money.
Ah, thanks - either I missed that or forgot I saw it. If I get on the list with a number low enough to get in before my number comes up on another waiting list then coming up with that 50% is going to be tough! But the odds of that happening aren't good anyway, so I will cross this road when I need to.
Ah, thanks - either I missed that or forgot I saw it. If I get on the list with a number low enough to get in before my number comes up on another waiting list then coming up with that 50% is going to be tough! But the odds of that happening aren't good anyway, so I will cross this road when I need to.
It would be rough for most that are selected, but the good news is the combination of this shorter list (they usually draw much more than 300-600) and I would guess about half of the people being unable to come up with that type of money means the list will move fast. I don't think the last person on the list will wait more than 5 years, assuming they put themselves on the list for all types of apartments and accept the first one offered.
Does Penn South have federal funding, usually called 236 money? If they do, they cannot discriminate against out-of-state residents.
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