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1. Yes, sad to say, you will be disqualified if your income is no longer in the required range. How are you figuring your income? They take the last six pay stubs and project your annual income going forward. Is that what you've calculated?
2. They need your bank statements to verify your income and to make sure there aren't other sources of income (cash, for instance) that you haven't mentioned that you've been depositing.
3. The credit score you need depends on what the developer requires. I've heard of over 550 and over 600. The higher, the better, obviously.
4. They will tell you what employment information you need to provide. In some cases, if you have more than one employer showing up on your tax forms or your bank statements, you need to provide verification that you no longer work there.
I hope this information is helpful. You can use the Search this Forum on the upper right to find out about other people's experiences with Webster Commons and other 80/20 developments. Best of luck to you!
Thanks so much your response was so helpful!
I calculated my income by multiplying my gross pay for each paycheck by 12 and got 41k. They brackets are 30k-35k and 43k- 50k. I'm right in between but from what I heard I stand no chance because I'm no longer in a bracket ��
My advice: You should gather up all your documents anyway and go to the interview. Yes, it does sound as if you fall into the gap, but you're close enough to make the attempt worthwhile. They calculate your income several different ways and then take the highest one. Maybe you'll make it into the upper bracket. Do you have assets over $5,000? If you do, 2% of that amount might be added to your income. In the meantime, read the main Webster Commons thread in case anyone there was in the same situation. This is what I would do if I were in your situation.
Plus, on the interview, don't volunteer extra information. Just be super organized and ready with each document requested. Hand it over when asked. Don't provide commentary. If the agent has a question, reply to it honestly and briefly. I tend to be chatty when I'm nervous, and I constantly have to check myself. But you've been given a chance, and if it were me I'd see it through.
looks like your questions are answered already, but from my experience whatever documentation they ask for, no matter how ridiculous it sounds, bring it to the interview.
even if it asks for bank statements and tax returns from the last 10 years, take the time and bring them, because anything missing will only slow your application down. By slowing the application down, you run the risk of it falling through the cracks all together. You're dealing with underpaid employees of the management company/real estate developer, plus the bureaucratic HPD on top of that. Don't make it any easier for them to not do their jobs.
I have a different school of thought when it comes to actually going to the interview if you know you aren't in the income range. It's a toss up. The first thing above all that they look for during the qualification process is income; if you aren't in the range, you're out. But, there could be a slight chance that the applicants they interviewed that are in the range can not pass a credit check, did not get their paperwork in order, or are not interested in the apartment at the end of the day. Plus, going to the interview you'll get the experience and become familiar with the process. It's a long shot if you aren't in the income range though, slim to none. Good luck!
That's a good way to think about it. To just go for the experience lol hopefully they do give me leeway that would be awesome. Thanks for your insight!
I have an interview for the Webster Commons Apartment next week. This will be my third lottery interview. I have been rejected in one base on income above the limit and I am still waiting for a reply in another where I submitted all documents and a credit check done by the management. I hoping to get into the one I am waiting but just to have another chance somewhere I will be going for this interview.
What are your experiences with the interview for Webster Commons?
That's a good way to think about it. To just go for the experience lol hopefully they do give me leeway that would be awesome. Thanks for your insight!
Hey I have a question I just had a interview today I'm going for a one bed room for two people (I have a 3 year old daughter) starting at 19 a year I make 26. I bought ever document they asked I feel like I have this but my only fear is my credit I don't have much maybe 552 I am the type if I don't have the money I don't get it. I know it good to have some type of credit but I don't want a card and go crazy lol do you think even though I don't have much credit but they clearly see I have a union job and 401k would they still regert me?
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