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Congrats to all who have been offered an apartment! I pray to be able to join you all soon. In the meantime, I would like to get ready for when "the letter" comes. I was wondering if any of you would be able to tell me what the interest rate is for the mortgage from Penn South directly. I understand that rate is higher. From what I'm reading, there doesn't appear to be another option other than a 5 or 10 year mortgage from penn south. I'd be interested in any information on the 10 year interest rate.
Also is there some kind of debt to income ratio that is applied?
I am on the one bedroom list no preference. I know they vary in price. Can someone who recently moved in mind sharing with me what the price was for their apartment?
Finally, to those of you recently offered a one bedroom, what number were you on the list. I doesn't appear to have been updated since November of 2018.
Thank you all in advance. I'm a little nervous. You can't get any information from the office until you are notified of available apartments. I'd like to know before hand what to expect.
Hi Star,
According to the loan package I got from the management office, it says that Penn South Credit Union requires a minimum credit score of +675. They provided also a sample interest rate calculation for applicant with a score over +700 which for 10 years = 6.0% and for 5 years = 5.5%. It also says " most often the amount financed is around 50% of the purchased price of the apt. equity. However, it may be less. Occasionally (and for exceptionally qualified applicants), we may finance up to 75% of the purchase price of the equity. We will let you know if you qualify for this once your loan has been processed. On average about one out of every 6 or 7 applicants is qualified to borrow the maximum amount. The amount financed cannot exceed 75% of the equity purchase price."
According to the loan package I got from the management office, it says that Penn South Credit Union requires a minimum credit score of +675. They provided also a sample interest rate calculation for applicant with a score over +700 which for 10 years = 6.0% and for 5 years = 5.5%. It also says " most often the amount financed is around 50% of the purchased price of the apt. equity. However, it may be less. Occasionally (and for exceptionally qualified applicants), we may finance up to 75% of the purchase price of the equity. We will let you know if you qualify for this once your loan has been processed. On average about one out of every 6 or 7 applicants is qualified to borrow the maximum amount. The amount financed cannot exceed 75% of the equity purchase price."
Hope this helps and good luck to you as well.
Thank you so very much for this information. I was under the impression that putting down 25% of the purchase price was not an issue. According to what you've quoted me, it may be.
Also, do you know if there is a provision for a cosigner should it come to that? Or what the debt to income ratio is that they are looking for? Any idea of what the price range is for the 1 bedrooms?
Anyone else heard anything regarding the building or have been accepted? is the building still empty?
Hey there.
The building finally got its CO and people are starting to move in. I went to an orientation last week and was allowed to view my unit. The building is new NEW so the laundry room isn’t finished yet, the PM said tenants should keep receiving mail at their current place or get a PO Box for awhile. Only cable/internet provider currently setup is Verizon at the moment. Only 6 tenants had moved in thus far when our group went to view units.
Building feels massive inside, super long hallways. Beautiful. Very modern. Microwave and dishwashers included.
I seriously went back and forth with whether I would take the unit though. I currently live in a lottery apartment and my current place is more aesthetically pleasing and efficient than the unit I was shown. I am in the highest AMI bracket for a single person and yet my unit appeared tiny. Small bedroom, small bedroom closet, box shaped living room and a view of another building across the street.
My current apartment has a very nice view, end of a hallway, L shaped living room space and large kitchen. My bedroom isn’t massive but I have a large double door walk-in closet and another smaller closet inside the room. Two additional closets outside the bedroom as well.
Tbh, if I had been offered an apartment on a higher floor with a better view, I probably would have went for it. I just wasn’t wowed. There were other families from lower AMI groups that showed me their units and they looked much bigger. Those families had views of only the inside/other side of the building but were much not spacious. Also met the super and he was lovely, very friendly. He also confirmed for me that certain units on the lower AMI lines are more spacious than those on the side facing the city.
I will be turning my unit down but best of luck to everyone else!
Thank you so very much for this information. I was under the impression that putting down 25% of the purchase price was not an issue. According to what you've quoted me, it may be.
Also, do you know if there is a provision for a cosigner should it come to that? Or what the debt to income ratio is that they are looking for? Any idea of what the price range is for the 1 bedrooms?
Hi star50s, I hadn't realized that not everyone is allowed to finance 75%. The highest permitted debt-to-income ratio is, as I recall, 43% (https://www.consumerfinance.gov/ask-...rtant-en-1791/). I don't know if they permit co-signers.
If the credit union does not offer as large a mortgage as you want/need, you are still free to use other loans to make the down payment. Of course those loans would probably have higher interest rates and the interest would not be tax-deductible, but it is probably worth it if it is the difference between taking the apartment or not.
Checked the waiting list on official Penn site and almost lost all my hopes. Thank you for posting updates and keeping the hope alive. Im at the end of the list for a Studio apartment.
Hi star50s, I hadn't realized that not everyone is allowed to finance 75%. The highest permitted debt-to-income ratio is, as I recall, 43% (https://www.consumerfinance.gov/ask-...rtant-en-1791/). I don't know if they permit co-signers.
If the credit union does not offer as large a mortgage as you want/need, you are still free to use other loans to make the down payment. Of course those loans would probably have higher interest rates and the interest would not be tax-deductible, but it is probably worth it if it is the difference between taking the apartment or not.
Thank you again for taking the time to answer my questions. I'm really trying to get all my ducks in a row. I'd hate to get so far and then have an issue with the mortgage. I cannot find any info on the maintenance/carrying charges. Do you happen to know what they are for a one bedroom?
Waiting list has just been "updated" again. Last week I was around 130 (2 br). Now I'm 220. Back in Sept 2018 when I emailed, I was around 70. How are the numbers going up so drastically?? Did almost 100 people really take themselves off hold in the last 5 months? Seems highly unlikely. Why bother with the online portal if it's all wonky?
Waiting list has just been "updated" again. Last week I was around 130 (2 br). Now I'm 220. Back in Sept 2018 when I emailed, I was around 70. How are the numbers going up so drastically?? Did almost 100 people really take themselves off hold in the last 5 months? Seems highly unlikely. Why bother with the online portal if it's all wonky?
were there a increase in the amount of internal applicants? they get priority.
i went from 185 to 144.. on the letter it said i was like 16 last time. i hope the letter is correct and not the site.
Update for everyone.. my file is currently with hpd! I don’t think they will hit the deadline of May 10 to get everyone moved in because they are still processing cb pref but close enough! Lol the project manager at hpd just got back from a two week vacation today so I guess they will resume approving applications now
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