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That's what I was thinking but the difference is that whatever personal contact is financing it would likely be a lot more forgiving/flexible in repayment (if it is a loan) if things got tough than an institutional lender would be.
1) How often do they change the income limits? Is it only when they raise the prices of apartments or is there some type of COLA adjustment to it yearly?
2) How do they calculate the surcharge for going over the income limits? Does somebody 1$ over pay the same amount as someone $50000 over?
3)What happens if you exceed the 50% surcharge limits?
4) Is the board looking for a particular minimum credit score (Coop City for example says in their application that they expect a minimum of 650 credit score)? If so, which bureau do they use or do they use FICO? Or is it just a subjective review of the actual report and not the score?
5) If there are co-applicants, do both applicants need to have acceptable credit?
6) There s a very wide range for the income limits. Are they broken down further when you actually receive the application? For example. Are there different income limits for a 4 room, 2 bedroom apartment than there is for a 5 room, 2 bedroom apartment?
That's what I was thinking but the difference is that whatever personal contact is financing it would likely be a lot more forgiving/flexible in repayment (if it is a loan) if things got tough than an institutional lender would be.
I think you would simply best keep your mouth shut about any borrowed money for a down payment and merely call it savings. Keep the DP loan between you and your friend or perhaps call it a gift from your parents.
I'm surprised Penn South allows ANY borrowing. Most limited liability complexes want cash on the barrelhead. Their logic is that if you cannot save a few thousand in the time you are on the waiting list, you will likely be a difficult tenant managing his monthly maintenance nut.
Barkomatic,
I'm taking it that you have been there for a while. The original tenants bought in at a pittance and now their investment is circa $60K. Is this a result of cumulative assessments they have had to pay over the years to increase their equity?
What kind of maintenance, all inclusive, would a 1 bedroom apartment pay?
1. Generally the limits go up as area and national income increase.
2. Surcharge is a sliding scale culminating at 50%.
3. You stay at a 50% surcharge...a $1000 apartment remains $1500/mo.
4. Pretty sure it's a FICO which includes input from all 3 reporting agencies.
5. I do not know.
6. Income limits increase with increasing size, but increasing size is dependent on household size.
I think you would simply best keep your mouth shut about any borrowed money for a down payment and merely call it savings. Keep the DP loan between you and your friend or perhaps call it a gift from your parents.
I'm surprised Penn South allows ANY borrowing. Most limited liability complexes want cash on the barrelhead. Their logic is that if you cannot save a few thousand in the time you are on the waiting list, you will likely be a difficult tenant managing his monthly maintenance nut.
Barkomatic,
I'm taking it that you have been there for a while. The original tenants bought in at a pittance and now their investment is circa $60K. Is this a result of cumulative assessments they have had to pay over the years to increase their equity?
What kind of maintenance, all inclusive, would a 1 bedroom apartment pay?
The amount of maintenance you pay depends upon how big your particular one bedroom is and I don't know the exact amounts for all tiers. Based upon my own charges, it would probably be between about $600 -$730 range. The HVAC project has been expensive so purchase prices are higher than when I bought. They added an additional monthly charge to our bills which will be added to our equity--it is separate from maintenance. I don't believe new people coming will have this charge, since they'll be paying a higher price up front.
Keep in mind that in the years one spends on the list, monthly maintenance can change.
I sent a post card in for a one bedroom. My friend who lives at the same address did as well. Do you think we will be disqualified being we live at the same address? We are separate buyers.
Also I have been on wait lists for many places since 1998. I was told they cant find me in any system when I call trying to find out status. These things are such bull.
Wondering about this as well, does anyone know? My brother and I are both looking to apply (and we aren't necessarily living together). Can we both submit cards?
Wondering about this as well, does anyone know? My brother and I are both looking to apply (and we aren't necessarily living together). Can we both submit cards?
They are pretty clear about not getting multiple apps from one apartment, which makes sense because what if say five adults lived in an apartment and colluded to send in a separate card with an ultimate goal of living together. They would be gaining an unfair advantage. With that said, I highly doubt that they go through all the apps to see if someone picked had another app that wasn't picked, so you should be fine, however in the unlikely event that both of you are picked, you would both be disqualified. That would be a tough pill to swallow.
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