Default NYC Affordable Housing Lottery: VIA West 57 (Hope: land, companies)
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Just got notified by email that I've been selected to interview (18XX log).... not sure if I should proceed. The big thing is I won't have access to my birth certificate until a week after the interview. And the other thing I'm not sure what AMI I'll fall into. Tax returns from last year would indicate I'm in the 90% AMI, but I received a bit of a raise and a switch to a freelance position so I'm not sure how much money I made in 2017. Would they just categorize me based on my 2016 tax return or is it some sort of composite calculation made from my recent paystubs and how much money they think I'll make in 2018 or made in 2017?
Also there's only a handful of studio/1bd units left and I could barely afford the $1448 studio in the 90% AMI category (there's 1 left) especially when factoring in my student loans (about $750 on top of my current $850 rent).... then again I've applied to every single lottery i've qualified for in the last 4 years and this is the first time I've heard back from any of them.
Is it worth it to go forward with this? If I could somehow stall for a week to get my birth certificate I would just as a learning experience at the very least.
Just proceed anyway. If your monthly debt to income ratio is more than 50%, (that's factoring in the new rent, not what you're paying now), you will be rejected.
So that will be 1448 (studio) +750 or 2198 in monthly debt. Calculate what you make a month, and if your debt load is less than or equal to 50%, you're out.
$60,120 (The highest of 90% AMI) divided by 12 (or monthly income) = $5,010 (monthly)
Your debt to income ratio is: 2198/5010 = 43%. Your application, based on the criteria you have provided will not be rejected if you make the highest of 90% AMI and you have no other debt except the student loans you've mentioned.
To answer your other question, they take your IRS statements, paystubs and your bank statements, and compare them. The highest of the three will be your income. The catch is that if your earned income does not match your IRS statements, you will be rejected. All of your income should be reported. If there is one digit that does not match from your W2's and your earned income, you will be rejected.
Just proceed anyway. If your monthly debt to income ratio is more than 50%, (that's factoring in the new rent, not what you're paying now), you will be rejected.
So that will be 1448 (studio) +750 or 2198 in monthly debt. Calculate what you make a month, and if your debt load is less than or equal to 50%, you're out.
$60,120 (The highest of 90% AMI) divided by 12 (or monthly income) = $5,010 (monthly)
Your debt to income ratio is: 2198/5010 = 43%. Your application, based on the criteria you have provided will not be rejected if you make the highest of 90% AMI and you have no other debt except the student loans you've mentioned.
To answer your other question, they take your IRS statements, paystubs and your bank statements, and compare them. The highest of the three will be your income. The catch is that if your earned income does not match your IRS statements, you will be rejected. All of your income should be reported. If there is one digit that does not match from your W2's and your earned income, you will be rejected.
Damn... I’m technically “freelance” at my current job with a day rate of $275. If I worked M-F every week that would be $71.5k a year and if they calculate it like that that would push me into 110% AMI and out of my budget. But everyday I don’t work I don’t get paid. So over Christmas break I didn’t get paid at all... wonder how that would be calculated.
Also I’ll received a couple 1099’s last year for sub $300 checking account bonuses I’ll have to dig up to be safe... and I also pay for almost everything with credit cards but pay off the balances off in full. Would they take that debt load into consideration even if no balances are carried?
Damn... I’m technically “freelance†at my current job with a day rate of $275. If I worked M-F every week that would be $71.5k a year and if they calculate it like that that would push me into 110% AMI and out of my budget. But everyday I don’t work I don’t get paid. So over Christmas break I didn’t get paid at all... wonder how that would be calculated.
Also I’ll received a couple 1099’s last year for sub $300 checking account bonuses I’ll have to dig up to be safe... and I also pay for almost everything with credit cards but pay off the balances off in full. Would they take that debt load into consideration even if no balances are carried?
110%AMI still qualifies, but instead of paying 1,148 for a studio, you'll pay 1,782.
The answer to your debt load question, they just go by what your credit report reads and whatever debt load is on there, plus the new rent.
Thanks for the clarification. If they go by my credit report I should be good to go, but if they categorize me as 110% AMI I wouldn't be able to afford the apartment without nearly starving myself while putting my student loans on forbearance.
Hi, I'm new here and have been skimming through the forum. Alot of great info. I got an interview scheduled for via West 57 next week and I know that I definitely meet the income guidelines but my credit score isn't the best. I'm currently at 580 and have seen an article about a guy who applied the first time round to via 57 being rejected due to a 579 credit score and their minimum accepted is supposedly at 600. Can anyone shine some light on this? or any advice?
Hi spidey! I agree on the above!-- TONS of great info here everyone-- really appreciate the insight and the community. Looks like the last three of us have gotten bunched together into this new round. Haven't had any confirmation after scheduling the interview though. That calendar is a little strange. I'm assuming they will email us confirmations with an address as to where to go?
Yes, actually i thought it was spam and the link kind of scared me. So i called and emailed management. Didn't receive a response until last night. And said they will send confirmation on time and location. But i scheduled my interview for Monday so i'm just waiting because i dont want to take off from work until I receive an actual date and time.
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