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Yea we fit into the "middle" income bracket so maybe that is why they didn't have us sign it?
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Originally Posted by Moving415
That's very unusual. Was it for a mid-income development, because those are less stringent. It would be incredibly easy to forge a tax return -- the blank forms are out there -- if you think about it. So I can see why they do this backup check.
I asked about this specifically because we actually filed for Bankruptcy earlier this year and worried it would be a a factor. I was told there is so specific credit score requirement. they do check for housing court and payment history but she didn't mention how much they leverage this but that it has to be taken into account with the rest of your application as a whole.
Quote:
Originally Posted by SimplyE
I have an interview set up for next week. Did they do a credit check or mention one. I know the mayor adjusted the denial based solely on credit however they have other fine print like income to total debt ratio. I work for the city and have the municipal preference with a log number of 15xx, no bankruptcy or landlord issues just a low score due to late payments on a credit card and student loans which I am in defferal for due to income and family unit size. The credit really has me worried. I make over $45k a year and no other issues but this low score which I am working on.
Its more like a information request than anything else. nothing really interview like about it make sure you have everything they requested or they will make you come back, they will on accept a completed package. I asked more questions than they asked us. I believe if you are called for a second interview it will be more questioning.
Quote:
Originally Posted by SimplyE
Can you tell me more details of what they asked during the interview?
Hi,thanks for the information.
I emailed hpd and asked them what the criteria is and they sent me a pdf handbook. No they don't deny soley on a score above 580 but if it is lower they can deny you for "other credit reasons " as well as any other reason in the book
I am unclear on exactly what they mean about total debt. Does this include student loans you are paying on or just the overall amount. If you can look at it and let me know what the fine print really means. Thanks Http://www1.nyc.gov/assets/hpd/downl...g-handbook.pdf
& thanks for the interview information. It is very stressful wanting something so bad and be so close to having it but on edge due to the criteria. I'll be sure to take everything. I hope we all get through.
If the link doesn't work Google HPD Marketing Handbook. (Credit is on pages 50-52)
This is the OVERALL HPD handbook for the developers.
It has all the denial reasons. However it also says each developer has their own criteria surrounding this blueprint.
Hey all, there's a lot of information in the 461 Dean St Affordable Lottery forum. I've had the first interview for that one and Carlton. The same management company runs both so the process is identical. Some people are further along than others so you'll get a lot of info.
SimpleE, they will have you sign a release to do a credit check on you as well as a release to verify your employment. At Moving415, it doesn't matter if your low-income, mid-income or, market rate the process of paper work is the same. If they had to ask you to sign a release for your IRS forms or bank statement you need to inquire about why that is.
Yea SimplyE were not to concerned our credit score is close to 700 range and the BK actually helped us lower our debt to income ratio but yes this is just a general guideline and it can vary by company. everything else in our packet is clean, good job history (Hubby has been with the same company for 8 years), solid rental history, all of our finances in order. If they denied solely for credit score I would be surprised. I know they mostly hold criminal history and landlord issues as more of a red flag. I guess this is all speculation at this point only time will tell.
Comaliving- Yes I have been stalking that forum as well to get a bunch of info!
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