Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
So I just got my board minutes a couple of days ago, and the below should be of interest to anyone taking out a loan:
"Capital One Soft Start to Provide Mortgage Loans to Penn South Applicant Shareholders
At the September 2015 Board Meeting, The community development banking team at Capital One made a presentation to the board about their community homebuyer mortgage loan product. There was a consensus that the board wants Capital One to offer this product to applicants, but the presentation also illuminated the need for a discussion about the housing company's financial policies, including an evaluation of our minimum standards for applicants
I want to suggest to the board that we move forward and allow Capital One to market their loan product in Penn South and not allow the overall financial discussion to delay the rollout of the lending program. In fact, our experience with applicants who take out loans with Capital One may inform and help shape our broader discussion on finances. At any point the board has the right to revise the policies.
Early communication with people on our waiting lists will facilitate a successful launch of the load product and a smoother closing process. I asked Education/Communications Director Mario Mazzoni to draft a letter that will be sent to the next fifty people on the waiting list, a copy of which is in the board packet. The letter encourages the people who will need financing to contact a lender before their first interview at our office and ask for a pre-approval letter. One requirement of the community Homebuyer mortgage loan in the completion of an 8 hour homeownership counseling course from a HUD certified agency. If applicants complete this course by the time they receive an offer for an apartment, closing on their apartment should be a relatively expeditious process. The letter would be mailed in late November, with the anticipation that capital One would make its first loans to applicants beginning in January 2016"
Thanks, justchris82. This is helpful for all of us still on the wait list. I probably don't fall into the "next fifty people on the waiting list" but it will be interesting to see how this goes.
Just closed on a 1 bedroom Mitchell Lama Co Op in Harlem. From start to finish it took 1 year with veteran preference. I applied Dec 2014 lottery and just signed closing papers today. Should be in by the first of January. God is good. Good luck to everyone who applied����������
I just got my own loan with the C union with a very high interest despite my great credit score (basically because no bank can close a mortgage in 15 days, no matter what).
Future shareholders must take advantage of this and contact Capital One asap.
Regards
Eduronyc
Quote:
Originally Posted by justchris82
So I just got my board minutes a couple of days ago, and the below should be of interest to anyone taking out a loan:
"Capital One Soft Start to Provide Mortgage Loans to Penn South Applicant Shareholders
At the September 2015 Board Meeting, The community development banking team at Capital One made a presentation to the board about their community homebuyer mortgage loan product. There was a consensus that the board wants Capital One to offer this product to applicants, but the presentation also illuminated the need for a discussion about the housing company's financial policies, including an evaluation of our minimum standards for applicants
I want to suggest to the board that we move forward and allow Capital One to market their loan product in Penn South and not allow the overall financial discussion to delay the rollout of the lending program. In fact, our experience with applicants who take out loans with Capital One may inform and help shape our broader discussion on finances. At any point the board has the right to revise the policies.
Early communication with people on our waiting lists will facilitate a successful launch of the load product and a smoother closing process. I asked Education/Communications Director Mario Mazzoni to draft a letter that will be sent to the next fifty people on the waiting list, a copy of which is in the board packet. The letter encourages the people who will need financing to contact a lender before their first interview at our office and ask for a pre-approval letter. One requirement of the community Homebuyer mortgage loan in the completion of an 8 hour homeownership counseling course from a HUD certified agency. If applicants complete this course by the time they receive an offer for an apartment, closing on their apartment should be a relatively expeditious process. The letter would be mailed in late November, with the anticipation that capital One would make its first loans to applicants beginning in January 2016"
rgdave, are you eligible for a one-bedroom instead? Is it a matter of wanting or needing to save money?
It's not a matter of saving money. I sent in two postcards for the lottery, one for the 1BR and another for the studio. I was only picked for the studio waitlist, so don't have an option for the 1BR.
It's not a matter of saving money. I sent in two postcards for the lottery, one for the 1BR and another for the studio. I was only picked for the studio waitlist, so don't have an option for the 1BR.
You should be eliminated, the rules stated you could only send in one postcard period!
Count your blessings you weren't disqualified cause many many people followed the rules and applied accordingly and really want/need that studio!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
hi hkcg
