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I was allowed to borrow 75% back in 2016, though that may depend on your credit score (mine is above 750). Also, there are better options than PSFCU, which only offers 5- and 10-year terms and charges above-market interest rates. American Broadcast Employees FCU offers standard 15- and 30-year mortgages, as well as ARMs. The only advantage to PSFCU is that they are familiar with Penn South and easy to work with.
It seems like the 2014 and the 2019 threads are both gone which is REALLY sad because the 2014 thread was such a huge wealth of information.
Those that do not depend on affordable housing lotteries or Mitchell Lamas truly do not understand the importance of having this information and a space to talk about it. That was over a hundred pages of advice, commiserating, and community. All gone!
So I'm starting this thread for all those who are on the wait list for 2019. Hopefully some lucky 2014 winners will be on this thread to answer our questions as I am sure we'll have many!
I will start:
I am on the Penn South 2019 list. I got called for a studio (log number 7x) and a one bedroom (log number 12x). My brother got called for a one bedroom (log number 50x).
In the portal where we signed up it says we will be able to see our place on the internal list in February 2020. Here's to hoping we all get in soon!
Thank you for starting this Penn South 2019 thread shadypinesma! It was a bummer when they combined all the housing threads but it looks the Penn South 2014 thread has now been untangled. It's under "housing lottery discussion (#1)" started by nycturks.
For those who want to take a look at the historical/helpful info, here's the link. I myself had binge read 150 pagers of it the day after i found out I won the lottery! https://www.city-data.com/forum/new-...sions-1-a.html
I'm still glad our 2019 cohort gets a new thread! I'm a 2019 Penn South lottery winner for a one-bedroom, log number 7x. I still can't believe it!
I was allowed to borrow 75% back in 2016, though that may depend on your credit score (mine is above 750). Also, there are better options than PSFCU, which only offers 5- and 10-year terms and charges above-market interest rates. American Broadcast Employees FCU offers standard 15- and 30-year mortgages, as well as ARMs. The only advantage to PSFCU is that they are familiar with Penn South and easy to work with.
Incog79, thank you for supporting the 2019 cohort. I remember reading the original Penn South thread, going on a ride with you regarding the mortgage process, and learning so much along the way! I hope you're enjoying being at Penn South!
Figuring out how to finance the apartment has consumed me. My log number is low and I really hope to be called this year. However, I'm not in the best position for a mortgage this year. My main concern is that I'm self-employed and my income from 2018 and 2019 wasn't so great. I was doing a lot of work that was gratifying but didn't pay. Since winning the lottery, I've been doing more paid work but mortgage lenders will want to look at tax returns from the previous two years. My income is significantly higher now but that might not be enough. I'm also concerned about the time crunch when I'm called for an apartment and then need to scramble for the mortgage. It sounds like the Penn South Credit Union would only work with people after they've been called to view an apartment.
I'm going to call American Broadcast Employees FCU to see if they would at least do a pre-certification before a Penn South applicant is called for an apartment. It would be nice to plan properly and have peace of mind. If I find out anything, I'd be sure to share it here.
Incog79, thank you for supporting the 2019 cohort. I remember reading the original Penn South thread, going on a ride with you regarding the mortgage process, and learning so much along the way! I hope you're enjoying being at Penn South!
Figuring out how to finance the apartment has consumed me. My log number is low and I really hope to be called this year. However, I'm not in the best position for a mortgage this year. My main concern is that I'm self-employed and my income from 2018 and 2019 wasn't so great. I was doing a lot of work that was gratifying but didn't pay. Since winning the lottery, I've been doing more paid work but mortgage lenders will want to look at tax returns from the previous two years. My income is significantly higher now but that might not be enough. I'm also concerned about the time crunch when I'm called for an apartment and then need to scramble for the mortgage. It sounds like the Penn South Credit Union would only work with people after they've been called to view an apartment.
I'm going to call American Broadcast Employees FCU to see if they would at least do a pre-certification before a Penn South applicant is called for an apartment. It would be nice to plan properly and have peace of mind. If I find out anything, I'd be sure to share it here.
i'm going through the mortgage process with ABEFCU right now. If you are self-employed, they require your past two years federal tax returns, personal and business, along with a year-to-date profit and loss statement / income and expenses.
Also FYI, their mortgage guidelines allow for as much as 45% for debt-to-income ratio to qualify for a loan (at least for a 15 year loan anyway)
I was allowed to borrow 75% back in 2016, though that may depend on your credit score (mine is above 750). Also, there are better options than PSFCU, which only offers 5- and 10-year terms and charges above-market interest rates. American Broadcast Employees FCU offers standard 15- and 30-year mortgages, as well as ARMs. The only advantage to PSFCU is that they are familiar with Penn South and easy to work with.
I have a question about mortgages. What happens to the people who are on the lower end of the income range? I.e. for the one bedrooms they allow you to make $25,000 per year. What if you make $25,000 per year and have only saved up $25,000 out of the $100,000+ thousand? Do mortgage lenders still work with you? Or would that make your debt to income ratio too high?
Does anyone know what rates / terms American Broadcast Employees FCU, offers?
the rates are on their website.
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