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Thanks so so much to all of you who have been active on this forum! All of the information you provide is incredibly helpful and gives those of us still waiting a very clear picture of what to expect.
Do you mind commenting on what I understand to be the steps in the process? Thanks.
1. Get a letter from PS to come look at apartments.
2. Look at apartments.
3. Say yes/no to each one you have seen.
4. If selected, come in for an interview.
5. Get a home visit.
6. Have your finances reviewed.
7. Pay 25% or more and get financing from PS Credit Union or if time allows, another source.
8. Pay 100% upfront and get the keys?
Also, Eduronyc, you said that the formula was total debt divided by yearly income. Did they mention a limit to your debt to income ratio? Justchris82 said that he has an 800 credit score, which is really good, and he has a 6.5% mortgage rate. It also seems that once you are asked to look at apartments and the process starts, everything moves very quickly, so you have to have your money ducks in a row.
If anyone gets a letter about the Capital One financing, let us know how it goes if you meet with them.
I also have a close to 800 credit score, it really meant nothing. Whoever is above a 700 credit score has the same treatment. They didn't mention what was the ideal income/debt ratio. Mine happened to be very low, I think at the time I only had 1,000 credit card debt.
I recommend to fix the finances first, reduce debt, to improve credit profile. They really don't look on the amount of cash you have on the bank.
Eduronyc
Quote:
Originally Posted by hkcg
Thanks so so much to all of you who have been active on this forum! All of the information you provide is incredibly helpful and gives those of us still waiting a very clear picture of what to expect.
Do you mind commenting on what I understand to be the steps in the process? Thanks.
1. Get a letter from PS to come look at apartments.
2. Look at apartments.
3. Say yes/no to each one you have seen.
4. If selected, come in for an interview.
5. Get a home visit.
6. Have your finances reviewed.
7. Pay 25% or more and get financing from PS Credit Union or if time allows, another source.
8. Pay 100% upfront and get the keys?
Also, Eduronyc, you said that the formula was total debt divided by yearly income. Did they mention a limit to your debt to income ratio? Justchris82 said that he has an 800 credit score, which is really good, and he has a 6.5% mortgage rate. It also seems that once you are asked to look at apartments and the process starts, everything moves very quickly, so you have to have your money ducks in a row.
If anyone gets a letter about the Capital One financing, let us know how it goes if you meet with them.
Thanks, eduronyc. I have a score above 700, so I'm good with that I guess. Also, I have a ways to go before they call me, so I can look at my finances more closely and figure out my debt to income ratio.
I wonder when the next waiting list update is going to be? They haven't updated it since September 2015 and didn't do a Q4 update for 2015. Anyone on the studio list get called recently?
How long do you have to respond to the letter that you get to come look at apartments? Does it tell you "come in on or by this date?" or is more of a "call us to make an appointment" type of thing? I have changed addresses and I am worried there was/is a chance that some of my mail still may be going to the old address. I've updated my address with PS in writing but it hasn't gone into effect yet. I spoke to PS on the phone today and they said they send letters, not a phone call, when someone is invited to come look, and said they were too busy to check to see if I had been sent anything (or if my address had been updated with them).
How long do you have to respond to the letter that you get to come look at apartments? Does it tell you "come in on or by this date?" or is more of a "call us to make an appointment" type of thing? I have changed addresses and I am worried there was/is a chance that some of my mail still may be going to the old address. I've updated my address with PS in writing but it hasn't gone into effect yet. I spoke to PS on the phone today and they said they send letters, not a phone call, when someone is invited to come look, and said they were too busy to check to see if I had been sent anything (or if my address had been updated with them).
Hi waiting4chelsea2,
Do you have someone at your old address who can look out for your mail in case they send it to the old address?
I wonder when the next waiting list update is going to be? They haven't updated it since September 2015 and didn't do a Q4 update for 2015. Anyone on the studio list get called recently?
I just checked the list, and they still haven't updated it. I hope it's because they are so busy mailing out letters to people on the 2014 list to come look at apartments!
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