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Old 10-14-2016, 10:49 AM
 
63 posts, read 71,686 times
Reputation: 24

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Quote:
Originally Posted by hkcg View Post
Thanks, Incog79. So if you have 4 credit cards and a loan, then those are the only debts that count? I guess that makes sense since most people won't be paying the same amount for rent as they are for the maintenance and mortgage in their PS apartment (much lower). Also, from what I understand, the cable and utilities are much lower as well.

I have a few more questions if you don't mind.

Did they look at your gross or net monthly income?

How many years of tax returns did you have to provide?

What is the cost per room now? I think I read $26,500.00 somewhere.

Should we have about an extra 5k for closing costs?

Thank you!!
No problem, glad to help (I'm not moving quite yet, probably next weekend if I can get the fridge and range delivered then - the nice thing about a mid-month closing is that I have the next two weeks to move).

- The debt ratio should be calculated using your gross monthly income. And yes, I think they did include utilities as part of debt. Here is some more info: What is a debt-to-income ratio? Why is the 43% debt-to-income ratio important? > Consumer Financial Protection Bureau

- I had to provide two years of tax returns. They wanted the full transcripts or worksheets, too, not just the first two pages of my 1040s. You can order those for free online on the IRS website. NY State is stuck in the Stone Age and you have to mail in a request for copies of your state returns. They asked for "certified copies" but I couldn't figure out what that was or how to order them; I just handed over regular photocopies and it was fine.

- My "equity plus assessment" was about $29K/room.

- Yes, $5K should definitely cover all other closing costs, credit union application fees, deposits, etc. I think mine came to a little under $4K.
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Old 10-14-2016, 01:00 PM
 
89 posts, read 193,324 times
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Hey folks, I can't believe how real this is getting. Although honestly it could still be years. It kills me not knowing, but I guess it's best not to assume anything about timing either way.

Do you think we'd be turned down if we make (combined) around 180K but owe 25K on credit cards? It appears they calculate the ratio based on your minimum payments, not on the full amount you owe, but I can't quite tell if I have that right.
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Old 10-15-2016, 05:03 AM
 
144 posts, read 207,889 times
Reputation: 23
Quote:
Originally Posted by Incog79 View Post
No problem, glad to help (I'm not moving quite yet, probably next weekend if I can get the fridge and range delivered then - the nice thing about a mid-month closing is that I have the next two weeks to move).

- The debt ratio should be calculated using your gross monthly income. And yes, I think they did include utilities as part of debt. Here is some more info: What is a debt-to-income ratio? Why is the 43% debt-to-income ratio important? > Consumer Financial Protection Bureau

- I had to provide two years of tax returns. They wanted the full transcripts or worksheets, too, not just the first two pages of my 1040s. You can order those for free online on the IRS website. NY State is stuck in the Stone Age and you have to mail in a request for copies of your state returns. They asked for "certified copies" but I couldn't figure out what that was or how to order them; I just handed over regular photocopies and it was fine.

- My "equity plus assessment" was about $29K/room.

- Yes, $5K should definitely cover all other closing costs, credit union application fees, deposits, etc. I think mine came to a little under $4K.
Thank you so much! Good luck with the move and the appliance deliveries!
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Old 10-17-2016, 12:53 PM
 
111 posts, read 145,400 times
Reputation: 20
Thanks for all the great info everyone. Its much appreciated.
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Old 10-18-2016, 01:30 PM
 
63 posts, read 71,686 times
Reputation: 24
Quote:
Originally Posted by mollybloom View Post
Hey folks, I can't believe how real this is getting. Although honestly it could still be years. It kills me not knowing, but I guess it's best not to assume anything about timing either way.

Do you think we'd be turned down if we make (combined) around 180K but owe 25K on credit cards? It appears they calculate the ratio based on your minimum payments, not on the full amount you owe, but I can't quite tell if I have that right.
Just to clarify, as I understand it, your credit card debt has nothing to do with whether you qualify for Penn South, just whether the credit union would offer you a mortgage. AFAIK your monthly payments are more important than your total debt, however. If you don't think you'd qualify for a mortgage through the credit union you can always apply for a personal loan elsewhere.

An AGI of $180K would disqualify you from a studio and 1-br now; according to the original ad (http://www.pennsouth.coop/Secure/Adm...Lottery.AD.pdf), the max + 50% for a 1-br is $164,250. If you're on the 2-br list, you're under the max.

Last edited by Incog79; 10-18-2016 at 01:39 PM..
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Old 10-21-2016, 01:57 PM
 
63 posts, read 71,686 times
Reputation: 24
Everyone might be slightly higher on the waiting list than it appears. I had my closing on Monday, and I still get a result when I search the Waiting List Status Inquiry - so I think the number of people ahead of you also includes everyone who has closed since the last list update. Not sure how much of a difference that will make, but every few spots can help!
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Old 10-24-2016, 06:00 AM
 
144 posts, read 207,889 times
Reputation: 23
Quote:
Originally Posted by Incog79 View Post
Everyone might be slightly higher on the waiting list than it appears. I had my closing on Monday, and I still get a result when I search the Waiting List Status Inquiry - so I think the number of people ahead of you also includes everyone who has closed since the last list update. Not sure how much of a difference that will make, but every few spots can help!
Thanks, Incog79. I think you said that you were number 180 on the latest updated studio list. So does that mean you were actually number 1? I am in the low 300s since the latest update, so I'm wondering if that really puts me in the 100s. Just thinking out loud and thanks again for all the answers to our questions!

hkcg
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Old 10-24-2016, 10:17 AM
 
63 posts, read 71,686 times
Reputation: 24
Quote:
Originally Posted by hkcg View Post
Thanks, Incog79. I think you said that you were number 180 on the latest updated studio list. So does that mean you were actually number 1? I am in the low 300s since the latest update, so I'm wondering if that really puts me in the 100s. Just thinking out loud and thanks again for all the answers to our questions!

hkcg
No, I just meant that if say, ten people have closed since the last update, you might be #190 instead of 200. I'm still in the 180s as of the Oct. 6 update. I was in the 380's when I got on the list for the first time. Sorry if that got your hopes up, but it might at least give you a better idea of when your number will come up.
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Old 10-25-2016, 05:02 AM
 
144 posts, read 207,889 times
Reputation: 23
Thanks! I know I'm not even close, but I wonder what happened to the people below 180. Enjoy your new apartment!
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Old 10-30-2016, 09:04 AM
 
111 posts, read 145,400 times
Reputation: 20
Hey, for those who don't already know, you can sign up for the penn south e-newsletter on their website. you don't have to be a resident there yet to do so. it can be quite informative and gives you an idea of whats happening in the pennsouth community. Most recently they share a couple of videos, one on a presentation given on re-financing, capital needs, city contract etc. The other is a meet the candidates running for the board forum.
Just go to pennsouth.coop and the link to sign up is right there on the top of the page.
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