Housing lottery discussions (#1) (New York, York, Wells: affordable apartment, colleges, business)
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You need to read the original thread and ohlalalas posts to find out what truly happened
From reading the thread for the past few months sounds like those who never signed, will have to re-apply to new phase 2 lottery... and unfortunately since they have changed their income range... It will disqualify the phase 1 individuals. I would be royally pissed too. All the work, for nothing. Sorry to those who were very close to getting in. I was not part of phase one, but heck here I am for phase 2, see how this one goes... Hellupinharlem, have you applied for this one?
I think phase 1 was just for %60 AMI, and Phase 2 is %40 AMI and %120 AMI
Good luck everyone, I got 555 tenth ave apartment. if there is better, I will move that building.
Does anyone know if the income they look at is Gross income or Adjusted Gross income?
When we returned the application after receiving the initial information, they asked for adjusted gross income from our NY state income tax form. But when they figure debt to income ratio for a mortgage, it's gross income. I could be wrong; someone who has gone through the actual apartment buying process would know.
We were just offered a 1-bedroom without balcony and I am thrilled. However, it looks like as of yesterday Capital One no longer will issue mortgages at all. The Credit Union charges a really high (about 6%) interest rate so I'd really like to find a traditional lender. PS said that some smaller lenders will lend on the property but didn't offer up any names - I've been calling small banks all morning but haven't found one yet. Does anyone know of any other small lenders that will loan on this?
We were just offered a 1-bedroom without balcony and I am thrilled. However, it looks like as of yesterday Capital One no longer will issue mortgages at all. The Credit Union charges a really high (about 6%) interest rate so I'd really like to find a traditional lender. PS said that some smaller lenders will lend on the property but didn't offer up any names - I've been calling small banks all morning but haven't found one yet. Does anyone know of any other small lenders that will loan on this?
I moved in last year and ended up going with PSFCU. The rates are high, and it is unfortunate that they only offer 5- and 10-year terms, but one point in their favor is that their closing costs are relatively low. ETA: Welcome to the coop, btw, I'm sure you're going to love it as much as we do.
I moved in last year and ended up going with PSFCU. The rates are high, and it is unfortunate that they only offer 5- and 10-year terms, but one point in their favor is that their closing costs are relatively low. ETA: Welcome to the coop, btw, I'm sure you're going to love it as much as we do.
Hi Incog79,
I see from earlier posts that you have a studio. How is the space now that you're in? The website says 650 square feet for a 2.5 studio (I think. Maybe that's with a balcony?). I'm really curious to know how it's working out!
Also, you said that the closing costs are "relatively low". About how much would we need above the actual down payment?
Thanks,
hkcg
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I would be royally pissed too. All the work, for nothing. Sorry to those who were very close to getting in. I was not part of phase one, but heck here I am for phase 2, see how this one goes... Hellupinharlem, have you applied for this one?
