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that makes perfect sense. i wasn't thinking of an 80/20 resident paying a year's rent upfront as a scam to qualify themselves, i was thinking along the terms of them qualifying in every way, then just choosing to pay the rent upfront. i asked out of curiosity because of the girl who was told she didnt have enough equity, and i was wondering if that upfront rent would count as equity (since there could be concern of the tenant paying their rent every month). maybe they saved up in preparation for getting a new apartment. its not like its hard to save money.. you just save it lol anyone can save a good chunk of money if they just put money aside. but i guess the "where did the money come from?" question would still arise. and from what i hear, whatever "extra" money you have they add to your income, so it would probably set the applicant way over the limit anyway.
Rent is not equity. The latter is money you can rely upon (hopefully) the other is debt.
Frequently when persons are searching for a new home or co-op but planning use the proceeds from their current home to fund part of the purchase the question of equity will arise. If you took out a mortgage for $200K and the house is now worth $300K then you have a nice bit of equity in that if you do indeed get the larger amount you can pay off the mortgage and still have funds left over. OTOH if you can only get $150K for the place you are in the hole already for $50K.
The other way to increase equity is to pay down the principle mortgage amount. So if the original loan was $250K and you've paid it down to say $150K now you've go some equity. Even better if the place is worth $300K or more because again once you sell more money stays in your pocket as opposed to paying off the balance of the mortgage.
If you are making $72k a year then that is affordable. Plus its 4 brand new towers with lots of amenities so I think its a steal.
You are making the assumption both persons would be working full time. One might be a SAHM or SAHW or works only part time for various reasons such as being a student.
hello guys new to this forum, but been reading alot of the post and its very helpful thank you.... So i also applied for affordable housing back in October and they finally sent me a letter in the mail in December for an interview. i went for the interview with most of my documents and a 25 dollar money for the credit check. signed a whole lot of papers anf filled out another application.....she gave me a week to fax the rest of the documentation i didnt have... my question ..... the adress that i put on the initial application is different from the one that i put on the application on tne interview is that means for disqualification??? also does anyone know what your credit score has to be in order to pass credit check?
Zazzy- having a different address than when you applied should not disqualify you, though if your first address was in CB 4 and your new one is not, you may have a problem if you were selected under the CB preference.
hello guys new to this forum, but been reading alot of the post and its very helpful thank you.... So i also applied for affordable housing back in October and they finally sent me a letter in the mail in December for an interview. i went for the interview with most of my documents and a 25 dollar money for the credit check. signed a whole lot of papers anf filled out another application.....she gave me a week to fax the rest of the documentation i didnt have... my question ..... the adress that i put on the initial application is different from the one that i put on the application on tne interview is that means for disqualification??? also does anyone know what your credit score has to be in order to pass credit check?
different agencies look for different credit factors. i've heard that some aren't looking at your credit score, but your debt-to-income ratio, or major red flags on your credit like bankruptcy. BUT, when they do look at credit score, its usually 700+
2 different addresses shouldn't disqualify you. they just need your current address on file to mail you paperwork. if your address changes at any point during the process you have to tell them anyway, so you should be fine, good luck
different agencies look for different credit factors. i've heard that some aren't looking at your credit score, but your debt-to-income ratio, or major red flags on your credit like bankruptcy. BUT, when they do look at credit score, its usually 700+
2 different addresses shouldn't disqualify you. they just need your current address on file to mail you paperwork. if your address changes at any point during the process you have to tell them anyway, so you should be fine, good luck
Debt to income ratio makes sense. Obviously if you are bringing home $2K per month and a good amount of it goes out to service debt, then that is money off the table for housing purposes.
Again they are looking for persons who will pay rent on time and not having to run game/borrow from Peter to pay Paul each month.
This goes back to what one has been saying, these units are "affordable" low income, not just "low income". If you have to pay your rent late each month because your student loan or other credit card debt must be paid first, or vice versa then you probably are going to have problems qualifying for these units.
I think they are still calling people for interviews. Ive been waiting over 3 weeks for HPD approval. I dont know what building im going to be assigned but I would love to live in 550! Do you live in a studio or 1 bed? whats it like?
different agencies look for different credit factors. i've heard that some aren't looking at your credit score, but your debt-to-income ratio, or major red flags on your credit like bankruptcy. BUT, when they do look at credit score, its usually 700+
2 different addresses shouldn't disqualify you. they just need your current address on file to mail you paperwork. if your address changes at any point during the process you have to tell them anyway, so you should be fine, good luck
thank you so much for response very helpful........So i called management to find out if they recieved the rest of the documents that i faxed to them and because of the holiday the offices were closed, so now im wating for the next business day which is tomorrow to call to see if they have everything they need from me. im keeping my fingers double crossed seriously need this...... ill be updating on my progress...... also the bulding that applied for is in flushing queens ( marcedonia plaza) anyone else applied for this building???
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