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Im pretty sure they changed the down payment to 25%. You can own property, its your income that makes you eligible or not.
Awesome thanks for the information! If I have to change any information, such as my listed phone number on the application, would I have to update through mail? Also anyone got called for 2 BR? I'm around the mid 200's. Thanks a lot!
Hi does anyone know if there is any specific restriction, that limits you from buying beside the 50% down? Are you still eligible to buy if you own property already?
Income requirements and being a resident of NY state might be the most prominent. Also, you have to be living at Penn South for more than 180 days a year to remain there. Lastly, it is 25% down, not 50% down.
Quote:
Originally Posted by star5os
if you are married does anyone know if both have to be on the application. Or can only the person who won the lottery take the coop.
No, only one person has to be on the application. You will list your spouse on the form once you move in. However, I'm not sure if your spouse can be a shareholder (probably for the better IMO, in case of a divorce)
Income requirements and being a resident of NY state might be the most prominent. Also, you have to be living at Penn South for more than 180 days a year to remain there. Lastly, it is 25% down, not 50% down.
No, only one person has to be on the application. You will list your spouse on the form once you move in. However, I'm not sure if your spouse can be a shareholder (probably for the better IMO, in case of a divorce)
Hi,
Thanks for the info. My concern is will my spouse's income be considered when actually applying. In other words if we are married and I alone won the lottery before we were married, will they only look at my income with respect to qualifying? Does anyone know how that works?
I'm in the low 160's on the 1bedroom w balcony list. Down from over 570. Does anyone know when I might expect to be called?
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