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We did not indicate we wanted a balcony. I'm so excited that it may turn out that we only have to put 25% down but I'll guess we'll see once we are hopefully called for an apartment!
Congratulations, jdvjess!
I hope it goes smoothly for you.
So far at least 2 people have said they may only have to put 25% down. But lstacy22 had to pay 50%? Please correct me if I'm wrong, lstacy22. I guess I'm just a little confused. I think it's great if they have reduced the percentage required upfront, but I'm wondering if there is any official word or you just find out when you're called. Anyway, just wondering.
So far at least 2 people have said they may only have to put 25% down. But lstacy22 had to pay 50%? Please correct me if I'm wrong, lstacy22. I guess I'm just a little confused. I think it's great if they have reduced the percentage required upfront, but I'm wondering if there is any official word or you just find out when you're called. Anyway, just wondering.
hkcg
Yes, as of 06/01/15 the date I closed, it was still 50% down.
I thought they would have updated the list this month but there's no change. Any idea if the list will be updated quarterly?
I just checked my status, and you're right; the list hasn't moved.
I did, however, see a place where you can sign up for a newsletter. You don't have to be "in" yet; there is an option for "non-resident." I have yet to receive a newsletter, but I'm curious to see the content.
Yes, as of 06/01/15 the date I closed, it was still 50% down.
Thank you, lstacy22! I really appreciate your responses as I'm sure everybody who is on the wait-list does. We are the kids with our noses up against the glass of the candy store while you're inside!
And thanks to everyone who is letting us in on the process. I can't say enough how helpful it is.
Hi everyone,
Sorry for the silence, I've been a bit stressed out over the process. Closing date was moved up to July 1st with a slight raise in the cost of the equity. I think the increase to 75% financing has JUST gotten implemented, they actually told me when I was applying for the loan with the credit union that I was the very first to have financed that amount. I just found out last Wednesday that the loan was approved, 6% interest over 10 years, which is not great, but glad I was able to get something on such short notice.
Yes, I was on the list through my parents before the lottery system was implemented, so I think that they had me on a different list. The interview was quite easy, just make sure to bring all the documentation. It is correct that you can provide a copy of your state income tax return while you are waiting for a certified copy.
Lstacy: Would you be kind enough to comment on the closing process? I am not sure what exactly to expect other than bringing the different checks. Also, I have gotten homeowners insurance, but I can't seem to find any guidelines about what the minimum requirements were for getting it were. I took out one for a $1000 deductible, but am wondering if they might have been requiring $500.
Don't worry I completely understand how you are feeling right now. It's very overwhelming and stressful but as everyone is telling me, it's all worth it in the end.
I'm glad to hear that they now allow 75% financing because I'm sure they might be having issues with people being able to pay the 50% down up front. As for the 6% interest rate, it is definitely a bit on the high side considering the mortgage interest rate right now should be around 3-4% (dependent on other variables of course), but I think down the road you can refinance if anything.
I would recommend you go through the Honig Conte Porrino Insurance Agency that they recommend for you (it should be in the packet). I compared quotes from a few of the homeowners insurance companies like GEICO, STATE FARM, etc and none were as cheap as the policy that they found for me. They are basically brokers that search for the cheapest policy and because they work with Penn South they know exactly the coverage amounts that they require and they will even forward a copy of your certificate to the management office for you. I believe it is $25,000 personal property insurance and $300,000 per incident for personal liability.
The closing itself is a pretty quick and painless process. You basically meet with the credit union if you are taking a loan from them and after that you will meet with Carmen to complete the closing - giving her all the checks, signing the occupancy agreement, and then you will get your keys!
They are supposed to update the list quarterly but maybe there's a lot of movement going on now and they need more time. Hopefully after this holiday weekend, they'll get on it.
I went to a party on the Fourth and two of the party-goers have lived there for years.
Needless to say, they LOVE it.
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