Mitchell-Lama Asset Limits & Requirements (New York, York: lease, credit report, home)
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Are you required to keep all your money in the bank? Report all of your accounts?
They would LIKE you to, but it is ultimately up to you to decide what to report. Obviously a few hundred g's under your bed is nobody's business but yours and a perhaps the thieves in your bedroom. God knows, at current interest rates, lost interest is of little concern.
Are you required to keep all your money in the bank? Report all of your accounts?
You are not require to keep all your money in the bank, but most likely they will get all your accounts. Anything that pop up on a credit report and background / history check.
You are not require to keep all your money in the bank, but most likely they will get all your accounts. Anything that pop up on a credit report and background / history check.
Not sure. It would be a nice problem to have. I didn't know all accounts show up on credit reports.
Quote:
Originally Posted by yellowsugar
You are not require to keep all your money in the bank, but most likely they will get all your accounts. Anything that pop up on a credit report and background / history check.
Not sure. It would be a nice problem to have. I didn't know all accounts show up on credit reports.
Yeah, I forgot about that too. I know that the full credit report lists all DEBTS (like every credit card) and if they are being paid in a timely fashion, but I don't remember it listing all my CD's. (I will double check my Transamerica pile when I have time.)
It is, after all, called a CREDIT check not a NET WORTH check.
Exactly. Technically, they would only know about savings accounts if you are earning interest and reporting that on your taxes. I'm not suggesting anything of course.
I think that I have read all of the Mitchell Lama threads on this board, and I've learned a lot. But I have five questions, and would appreciate whatever information others here can give:
(1) How do they calculate the MINIMUM income you must have for the apartment?
(2) If you qualify for a one bedroom and move in, and at some point place yourself on the internal waiting list for a larger unit within the same building, do you have to completely requalify? (Once you purchase the one-bedroom, you never have to move out no matter how high your income rises, but if your income rises a lot and your family size increases somewhat, could they decline to allow you to purchase a larger unit?)
(3) If all of the Mitchell Lama buildings are supposed to follow the same rules, why do some have much higher purchase prices than others? ($100,000 vs. $10,000)
(4) A few of the cooperatives have either four or five bedroom units available. What would be the minimum family size to go on the list for a three, four or five bedroom unit, and would that be up to each individual co-op board to decide? (Someone mentioned that he knew of a young single man who purchased a three-bedroom in Chinatown.)
(5) What is the typical square footage in Mitchell Lama apartments for a one-, two-, three-bedroom unit? I know Co-op City in the Bronx has quite a few different floor plans. Is this typical, or is there usually just one floor plan for the one-bedrooms, another floor plan for the two bedrooms, etc.?
(1) If the housing is federally assisted HUD prescribes the minimum income.
(2) No need to requalify based on income but you must meet household size requirements for the larger apartment if income and household size increase.
(3) Mortgage amortization and capital increases both change what they call the "market value" of the ML co-ops. This has no relationship to ACTUAL market value.
(4) Cannot find requirements for largest apartments but minimum for 3 bedroom is 5 people with different sex children. Four and 5 bedroom...the Brady Bunch?
(5) THey differ...ball park, perhaps 600-650 square feet for a 1 bedroom and maybe 180 square feet for each additional bedroom? In my building the 1 bedrooms are all cookie cutter, some reverse of others. The two's might be the same.
Thanks, Kefir King! So the minimum income is based on family size?
I wonder if the condo board can waive the minimum family size requirement for the four and five bedroom apartments if they don't get a qualified applicant when one of the large apartments opens up. If you need 8 or 9 people for a five-bedroom AND you have to have a minimum income yet not go over a certain amount, that has to be a very limited pool of families, even in New York. Or maybe I'm wrong about that.
Would the living room be slightly larger as the bedroom count got higher, or would the living room and kitchen size stay about the same throughout all the apartments in the building?
Back in the late 70s, when the crime was out of control, did the waiting lists dwindle down to nothing? Just curious!!!
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