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You pretty much need two of everything. After you accept the apartment, you schedule time with management to present your income documents. The most important is your W-2 from the previous year. You also have to bring a few checks or money orders. I honestly don't remember the other documents we needed to bring, but they weren't hard to gather.
I'm curious about who's income they verify. Is it only the person on the application? Or do they verify your spouse, if you are married, or a significant other, or a room mate if you have one, even if they were not on the application originally, but will be residing with you?
I'm curious about who's income they verify. Is it only the person on the application? Or do they verify your spouse, if you are married, or a significant other, or a room mate if you have one, even if they were not on the application originally, but will be residing with you?
TIA
It's everyone who will be residing in the apartment, with the only exception being for children under a certain age. Keep in mind though that the hard income ceiling is only for when you move in. Once you move in, you can make any amount as long as you pay additional surcharges on the Maintenance, which can go up to 200% of the base maintenance charge.
Question for Justchris82 or anyone else who lives at Penn South,
Do you happen to know how they calculate the monthly charges if you earn above the cap? For example, a family of 3 who earns $50k more than the $150K cap at let's say a $200K total yearly salary, would they pay something like DOUBLE the $1010 monthly carrying charge? So $2000 per month? Or even more? Or does Penn South factor in childcare expenses, debts, etc. when determining the carrying charges? And does the monthly carrying charge really change every year depending on your income fluctuations?
Question for Justchris82 or anyone else who lives at Penn South,
Do you happen to know how they calculate the monthly charges if you earn above the cap? For example, a family of 3 who earns $50k more than the $150K cap at let's say a $200K total yearly salary, would they pay something like DOUBLE the $1010 monthly carrying charge? So $2000 per month? Or even more? Or does Penn South factor in childcare expenses, debts, etc. when determining the carrying charges? And does the monthly carrying charge really change every year depending on your income fluctuations?
Thanks in advance!
I'm not sure how they calculate the additional thresholds, you might have to try to check with the office. 3 things I do know:
1) It is based on your Adjusted Gross Income, which you can look up from your previous tax returns.
3) The cap that you're referring to may be the cap to move in. You will not be allowed to earn over the cap and still move in. Once you are in, it's a different story.
3) I'm not sure your BASE Carrying Charge will be as high as $1010 a month. I am paying around $650/month for my base carrying charge in a 1 bedroom with terrace. I pay $80 additional for a portion of the cable as well as electricity, but this does not fluctuate with income.
To answer your questions, my lottery number was somewhere in the mid 300's for a 1-br with no balcony. I was sent a letter in the mail at some point in late december asking me to call to schedule time to look at several units. From what i gather, they start contacting you when you are somewhere about 20 slots out -- (in my case, at least). About a month after looking at the first round of apartments (about 5 or 6) they informed me by mail that they were all snapped up by the folks ahead of me, and that they would let me know when more units availed themselves. The next day, I received another asking me to look at several units!! This pattern would continue two more times over about 3 months. I looked at about 20 units in just about every building.
So don't panic, and quite frankly I don't know how much stock I would put in the online wait list.
As for paperwork, I wouldn't panic about that either. You need your tax forms, pay stubs, homeowners insurance, bank statements, etc. It took me about a day to get everything together. Most large banks for finance your apartment at Penn South because they are limited equity. So in that case, you can go through the credit union at PS, or find a smaller bank or credit union. You can also go through capital one. They also handle these types of mortgages, but you have to go to a 4 hour seminar that HUD requires, which takes place at Penn South.
SIDEBAR: The HUD seminars are horrible, but give you a chance to interact and geek out with other lottery winners. There was one woman who is on the waiting list for the studios who told me she had seen 30 or so apartments. i say that to just encourage everyone to be patient -- seems the turnover is picking up.
Anyway, hope those answers make sense!!
Thanks so much, knicksfan01! This is a great update.
I am curious about the HUD seminars. Do you know if you can attend one before you've been called? Also, do you know if there is an income restriction on the Capital One loan? I know Penn South has one depending on the apartment you get, but I'm wondering if CO has a limit.
I'm excited to hear that someone has seen 30 studios because the studio list did not move at all when they last updated.
I went back and looked at previous posts. It looks like PS proposed that they send out letters to the next 50 people on the list to advise them of the HUD seminars. Has anyone received one of those letters? I think that the PS Credit Union has 5 or 10 year mortgage options, so I'm wondering if CO is similar.
Thanks so much, knicksfan01! This is a great update.
I am curious about the HUD seminars. Do you know if you can attend one before you've been called? Also, do you know if there is an income restriction on the Capital One loan? I know Penn South has one depending on the apartment you get, but I'm wondering if CO has a limit.
I'm excited to hear that someone has seen 30 studios because the studio list did not move at all when they last updated.
Thanks again!
hkcg
Hi hkcg, there is an income limit for the Cap1 loans. When I looked into it last July it was $58,499, with no exceptions. At that time they also had a program to provide (up to?) $3K as a grant to cover closing costs. They also offer 30- and 40-year mortgages, so the monthly payments are probably really low. If you qualify the Cap1 loans seem to be a much better deal than what the Penn South FCU offers. Good luck!
Hi hkcg, there is an income limit for the Cap1 loans. When I looked into it last July it was $58,499, with no exceptions. At that time they also had a program to provide (up to?) $3K as a grant to cover closing costs. They also offer 30- and 40-year mortgages, so the monthly payments are probably really low. If you qualify the Cap1 loans seem to be a much better deal than what the Penn South FCU offers. Good luck!
Thanks so much! I will have to go through the PS FCU, but that's ok since it's not a large amount of money anyway. I think that with the common charge and mortgage it's going to be half of what I pay now for monthly housing.
do we have any lottery like this ? since this was back in 2014 and over 100k have applied
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