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Old 04-10-2019, 07:54 AM
 
5 posts, read 2,772 times
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Congrats Meow keep us posted!
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Old 04-10-2019, 10:00 AM
 
107 posts, read 131,133 times
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Congrats! Awesome news.
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Old 04-10-2019, 03:19 PM
 
9 posts, read 3,281 times
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congrats!
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Old 04-10-2019, 03:45 PM
 
942 posts, read 442,517 times
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Congrats!
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Old 04-11-2019, 09:09 AM
 
9 posts, read 3,281 times
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keep us updated with how the process is!

also could you let me know what the maximum income is for a studio?
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Old 04-11-2019, 10:45 AM
 
59 posts, read 64,284 times
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Quote:
Originally Posted by NYCwork718 View Post
keep us updated with how the process is!

also could you let me know what the maximum income is for a studio?
Just keep in mind that the maximum income is not the same for every studio (or every 1-BR, etc.) - it depends on the number of "rooms" which varies based on whether there is a balcony, sleeping alcove and/or eat-in-kitchen.
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Old 04-12-2019, 10:02 AM
 
19 posts, read 10,733 times
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More updates: So I went to the office and finally met with Carmen. She was super nice and very thorough. The process is relatively painless if you are prepared and bring everything they required. So below is a list of what I brought for the meeting:

i) 2018 W2
ii) copies of 2017 & 2018 tax return (both states and federal) but we still have to request a certified copy from IRS that costs $50 for each copy.
iii) 2017 tax transcript obtained online
iv) $500 money order for admin fee
v) $500 money order for secured loan fee
vi) $190 credit/background check fee
vii) photo ID
viii) SS income statement

I will try to be clear but I am overwhelmed with information. So the first thing they did was to calculate if we exceeded the max income. It's kind of complicated and I wasn't given the exact formula. Just like Incog79 mentioned above, it varies slightly according to the size of the studio. In my case, it's a 3rm studio with an eat in kitchen. I was told they added the income for both applicants, minus a 20K allowable deduction for one person and then minus another 1K for each person to determine our combined income for the household. Then, she went on to calculate the max income for the 3rm studio and told me it can be exceeded by 200%; you just need to pay a surcharge each month on top of the maintenance. It's a 5% increment, so for every 5% you exceeded, you pay 5% more base on monthly charges. The max for my studio is roughly 90K, so theoretically we can still get in with a combined max income of 270K. (but of coz, instead of $550/mon, maintenance will go up to 1,650/mon) There is also a 10 year assessment right now because of the ongoing HVAC upgrade/maintenance but it's refundable when you exit the apartment. Oh, and gas is also included in the maintenance.

Closing is set a month from the meeting and we are waiting for the credit/background check result, as well as the home visit. I was told they basically want to check our living condition and make sure we are not hoarders. Apparently hoarding is an issue with them.

In any case, we signed a lot of papers and ended up bringing home a large package to read. But it's all good, we found out there is a gym, a woodworker's club, a ceramic studios, gardening...it's fabulous. And people in the management office are actually very nice and efficient. We are looking forward to living there

Let me know if you have any questions, I will try to answer to the best of my knowledge.

Good luck to all
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Old 04-12-2019, 12:01 PM
 
118 posts, read 76,710 times
Reputation: 89
Quote:
Originally Posted by meowmeow18 View Post
More updates: So I went to the office and finally met with Carmen. She was super nice and very thorough. The process is relatively painless if you are prepared and bring everything they required. So below is a list of what I brought for the meeting:

i) 2018 W2
ii) copies of 2017 & 2018 tax return (both states and federal) but we still have to request a certified copy from IRS that costs $50 for each copy.
iii) 2017 tax transcript obtained online
iv) $500 money order for admin fee
v) $500 money order for secured loan fee
vi) $190 credit/background check fee
vii) photo ID
viii) SS income statement

I will try to be clear but I am overwhelmed with information. So the first thing they did was to calculate if we exceeded the max income. It's kind of complicated and I wasn't given the exact formula. Just like Incog79 mentioned above, it varies slightly according to the size of the studio. In my case, it's a 3rm studio with an eat in kitchen. I was told they added the income for both applicants, minus a 20K allowable deduction for one person and then minus another 1K for each person to determine our combined income for the household. Then, she went on to calculate the max income for the 3rm studio and told me it can be exceeded by 200%; you just need to pay a surcharge each month on top of the maintenance. It's a 5% increment, so for every 5% you exceeded, you pay 5% more base on monthly charges. The max for my studio is roughly 90K, so theoretically we can still get in with a combined max income of 270K. (but of coz, instead of $550/mon, maintenance will go up to 1,650/mon) There is also a 10 year assessment right now because of the ongoing HVAC upgrade/maintenance but it's refundable when you exit the apartment. Oh, and gas is also included in the maintenance.

Closing is set a month from the meeting and we are waiting for the credit/background check result, as well as the home visit. I was told they basically want to check our living condition and make sure we are not hoarders. Apparently hoarding is an issue with them.

In any case, we signed a lot of papers and ended up bringing home a large package to read. But it's all good, we found out there is a gym, a woodworker's club, a ceramic studios, gardening...it's fabulous. And people in the management office are actually very nice and efficient. We are looking forward to living there

Let me know if you have any questions, I will try to answer to the best of my knowledge.

Good luck to all
thanks for this! Can you shed any light on the mortgage situation (if you're taking one)?
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Old 04-15-2019, 09:32 AM
 
19 posts, read 10,733 times
Reputation: 14
Quote:
Originally Posted by Dreamernyc View Post
thanks for this! Can you shed any light on the mortgage situation (if you're taking one)?
I am not taking one but the management office included info in the package; I think depending on your credit score you can finance up to 75% with them.
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Old 04-15-2019, 12:55 PM
 
14 posts, read 14,603 times
Reputation: 14
Best of wishes on this Meow.
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