U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > New York City
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
 
Old 04-19-2019, 07:13 AM
 
144 posts, read 199,512 times
Reputation: 23

Advertisements

Quote:
Originally Posted by NYCwork718 View Post
are you moving into a bigger apartment?if so what do you have currently?
I haven't moved in to PS yet, but I have been to their annual flea market/stoop sale event. I currently have a 600 sq. ft. studio with big windows and a lot of light, but it is expensive, so I'm really looking forward to moving to PS. It looks like the studio list is getting shorter and shorter. I haven't received a letter yet, but it is so helpful to see when someone posts their number and when they got a letter. Thanks!
Quick reply to this message

 
Old 04-19-2019, 08:26 AM
 
13 posts, read 5,447 times
Reputation: 10
Quote:
Originally Posted by hkcg View Post
I haven't moved in to PS yet, but I have been to their annual flea market/stoop sale event. I currently have a 600 sq. ft. studio with big windows and a lot of light, but it is expensive, so I'm really looking forward to moving to PS. It looks like the studio list is getting shorter and shorter. I haven't received a letter yet, but it is so helpful to see when someone posts their number and when they got a letter. Thanks!
what number are you on the external waitlist on the site?

hope we both get a letter soon!
Quick reply to this message
 
Old 04-24-2019, 07:52 AM
 
37 posts, read 40,533 times
Reputation: 12
Hello,

Congrats to all who have been offered an apartment! I pray to be able to join you all soon. In the meantime, I would like to get ready for when "the letter" comes. I was wondering if any of you would be able to tell me what the interest rate is for the mortgage from Penn South directly. I understand that rate is higher. From what I'm reading, there doesn't appear to be another option other than a 5 or 10 year mortgage from penn south. I'd be interested in any information on the 10 year interest rate.

Also is there some kind of debt to income ratio that is applied?

I am on the one bedroom list no preference. I know they vary in price. Can someone who recently moved in mind sharing with me what the price was for their apartment?

Finally, to those of you recently offered a one bedroom, what number were you on the list. I doesn't appear to have been updated since November of 2018.

Thank you all in advance. I'm a little nervous. You can't get any information from the office until you are notified of available apartments. I'd like to know before hand what to expect.
Quick reply to this message
 
Old 04-24-2019, 09:49 AM
 
21 posts, read 12,226 times
Reputation: 14
Quote:
Originally Posted by star5os View Post
Hello,

Congrats to all who have been offered an apartment! I pray to be able to join you all soon. In the meantime, I would like to get ready for when "the letter" comes. I was wondering if any of you would be able to tell me what the interest rate is for the mortgage from Penn South directly. I understand that rate is higher. From what I'm reading, there doesn't appear to be another option other than a 5 or 10 year mortgage from penn south. I'd be interested in any information on the 10 year interest rate.

Also is there some kind of debt to income ratio that is applied?

I am on the one bedroom list no preference. I know they vary in price. Can someone who recently moved in mind sharing with me what the price was for their apartment?

Finally, to those of you recently offered a one bedroom, what number were you on the list. I doesn't appear to have been updated since November of 2018.

Thank you all in advance. I'm a little nervous. You can't get any information from the office until you are notified of available apartments. I'd like to know before hand what to expect.
Hi Star,

According to the loan package I got from the management office, it says that Penn South Credit Union requires a minimum credit score of +675. They provided also a sample interest rate calculation for applicant with a score over +700 which for 10 years = 6.0% and for 5 years = 5.5%. It also says " most often the amount financed is around 50% of the purchased price of the apt. equity. However, it may be less. Occasionally (and for exceptionally qualified applicants), we may finance up to 75% of the purchase price of the equity. We will let you know if you qualify for this once your loan has been processed. On average about one out of every 6 or 7 applicants is qualified to borrow the maximum amount. The amount financed cannot exceed 75% of the equity purchase price."

Hope this helps and good luck to you as well.
Quick reply to this message
 
Old 04-24-2019, 10:40 AM
 
37 posts, read 40,533 times
Reputation: 12
Quote:
Originally Posted by meowmeow18 View Post
Hi Star,

According to the loan package I got from the management office, it says that Penn South Credit Union requires a minimum credit score of +675. They provided also a sample interest rate calculation for applicant with a score over +700 which for 10 years = 6.0% and for 5 years = 5.5%. It also says " most often the amount financed is around 50% of the purchased price of the apt. equity. However, it may be less. Occasionally (and for exceptionally qualified applicants), we may finance up to 75% of the purchase price of the equity. We will let you know if you qualify for this once your loan has been processed. On average about one out of every 6 or 7 applicants is qualified to borrow the maximum amount. The amount financed cannot exceed 75% of the equity purchase price."

Hope this helps and good luck to you as well.

Thank you so very much for this information. I was under the impression that putting down 25% of the purchase price was not an issue. According to what you've quoted me, it may be.

Also, do you know if there is a provision for a cosigner should it come to that? Or what the debt to income ratio is that they are looking for? Any idea of what the price range is for the 1 bedrooms?
Quick reply to this message
 
Old 04-27-2019, 08:21 AM
 
60 posts, read 66,034 times
Reputation: 24
Quote:
Originally Posted by star5os View Post
Thank you so very much for this information. I was under the impression that putting down 25% of the purchase price was not an issue. According to what you've quoted me, it may be.

Also, do you know if there is a provision for a cosigner should it come to that? Or what the debt to income ratio is that they are looking for? Any idea of what the price range is for the 1 bedrooms?

Hi star50s, I hadn't realized that not everyone is allowed to finance 75%. The highest permitted debt-to-income ratio is, as I recall, 43% (https://www.consumerfinance.gov/ask-...rtant-en-1791/). I don't know if they permit co-signers.


If the credit union does not offer as large a mortgage as you want/need, you are still free to use other loans to make the down payment. Of course those loans would probably have higher interest rates and the interest would not be tax-deductible, but it is probably worth it if it is the difference between taking the apartment or not.


Current purchase prices are here: https://www.pennsouth.coop/faq---inf...ing-lists.html. 1-brs range from ~$97K to $146K.
Quick reply to this message
 
Old 04-27-2019, 01:31 PM
 
1 posts, read 253 times
Reputation: 10
Checked the waiting list on official Penn site and almost lost all my hopes. Thank you for posting updates and keeping the hope alive. Im at the end of the list for a Studio apartment.
Quick reply to this message
 
Old 04-28-2019, 03:24 PM
 
37 posts, read 40,533 times
Reputation: 12
Quote:
Originally Posted by Incog79 View Post
Hi star50s, I hadn't realized that not everyone is allowed to finance 75%. The highest permitted debt-to-income ratio is, as I recall, 43% (https://www.consumerfinance.gov/ask-...rtant-en-1791/). I don't know if they permit co-signers.


If the credit union does not offer as large a mortgage as you want/need, you are still free to use other loans to make the down payment. Of course those loans would probably have higher interest rates and the interest would not be tax-deductible, but it is probably worth it if it is the difference between taking the apartment or not.


Current purchase prices are here: https://www.pennsouth.coop/faq---inf...ing-lists.html. 1-brs range from ~$97K to $146K.

Thank you again for taking the time to answer my questions. I'm really trying to get all my ducks in a row. I'd hate to get so far and then have an issue with the mortgage. I cannot find any info on the maintenance/carrying charges. Do you happen to know what they are for a one bedroom?
Quick reply to this message
 
Old 04-29-2019, 11:24 AM
 
30 posts, read 24,784 times
Reputation: 11
Waiting list has just been "updated" again. Last week I was around 130 (2 br). Now I'm 220. Back in Sept 2018 when I emailed, I was around 70. How are the numbers going up so drastically?? Did almost 100 people really take themselves off hold in the last 5 months? Seems highly unlikely. Why bother with the online portal if it's all wonky?
Quick reply to this message
 
Old 04-29-2019, 12:16 PM
 
13 posts, read 5,447 times
Reputation: 10
Quote:
Originally Posted by aminalex View Post
Waiting list has just been "updated" again. Last week I was around 130 (2 br). Now I'm 220. Back in Sept 2018 when I emailed, I was around 70. How are the numbers going up so drastically?? Did almost 100 people really take themselves off hold in the last 5 months? Seems highly unlikely. Why bother with the online portal if it's all wonky?
were there a increase in the amount of internal applicants? they get priority.

i went from 185 to 144.. on the letter it said i was like 16 last time. i hope the letter is correct and not the site.
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > New York City
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. | Please obey Forum Rules | Terms of Use and Privacy Policy

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top