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i'm going through the mortgage process with ABEFCU right now. If you are self-employed, they require your past two years federal tax returns, personal and business, along with a year-to-date profit and loss statement / income and expenses.
Also FYI, their mortgage guidelines allow for as much as 45% for debt-to-income ratio to qualify for a loan (at least for a 15 year loan anyway)
If you are over the 45% debt-to-income ratio (say ~50%), does anyone know if ABEFCU can still qualify you for a mortgage? Or maybe try to increase the downpayment?
Also, from the time you submit all you documents, how long does it take for the loan to be approved? And does ABEFCU ask for your most recent financial info again right before you close?
Hey all, new joiner to the thread, hoping I can get a couple of questions answered. (Many thanks in advance.) Fyi, to reference, I'm on the 2019 list for a studio (60s, active).
--A few months back, I was contacted via email to complete the eligibility pre-screening online, which I did. For my general awareness, how will I be contacted next? Is it a phone call, another email, a letter, or some combination of contact methods?
--And what is the process like moving forward (more or less)? As a sub-question to this, one specific thing I wonder is if someone will visit my home as proof of address—or is only verification of ID needed for this?
As times/processes may change over the years or even between months (who's to know), I would especially appreciate any answers from those who have recently gone through these processes and if you could share how recent your information is. But really, I would be grateful for any help.
Hey all, new joiner to the thread, hoping I can get a couple of questions answered. (Many thanks in advance.) Fyi, to reference, I'm on the 2019 list for a studio (60s, active).
--A few months back, I was contacted via email to complete the eligibility pre-screening online, which I did. For my general awareness, how will I be contacted next? Is it a phone call, another email, a letter, or some combination of contact methods?
--And what is the process like moving forward (more or less)? As a sub-question to this, one specific thing I wonder is if someone will visit my home as proof of address—or is only verification of ID needed for this?
As times/processes may change over the years or even between months (who's to know), I would especially appreciate any answers from those who have recently gone through these processes and if you could share how recent your information is. But really, I would be grateful for any help.
Thank you all, and good luck to those waiting.
I was recently contacted via mail. They will send you a letter that informs you that you are invited to view a certain number of apartments and will also indicate where you are on the viewing list. You have a week to see the apartments. You need to contact them to schedule the viewing. It's been a month and I am still waiting to hear back from them if an apartment is available.
From what I have been reading, they do not come to view our living spaces because of COVID. They request that you take a video tour of your apartment where you also show proof of residency by using a recent piece of mail.
Hi all, I haven't been on these boards in a while because I put myself on hold three years ago. At that time, I'd been called to see three 2-bedrooms at PS but wasn't offered them, and anyway it wasn't the right time for us to move so I froze my spot. Now it's a better time for us, or it could be be in 6-9 months (waiting for our son to finish middle school).
In my frozen spot, there are 59 active applicants on the external list who are ahead of me for a 2-bedroom.
My question is, how long would it take me to get into an apartment considering this position? If I unfreeze my name now, will it be a year? Much less? Much more?
I was recently contacted via mail. They will send you a letter that informs you that you are invited to view a certain number of apartments and will also indicate where you are on the viewing list. You have a week to see the apartments. You need to contact them to schedule the viewing. It's been a month and I am still waiting to hear back from them if an apartment is available.
From what I have been reading, they do not come to view our living spaces because of COVID. They request that you take a video tour of your apartment where you also show proof of residency by using a recent piece of mail.
Hi, and welcome to the forum! Thanks for posting helpful information. Are you on the studio, one-bedroom, or two-bedroom list? Are you on the 2019 list? What is your approximate log number on the "actives" list?
Last edited by macnyc2003; 11-29-2021 at 09:18 AM..
Hi all, I haven't been on these boards in a while because I put myself on hold three years ago. At that time, I'd been called to see three 2-bedrooms at PS but wasn't offered them, and anyway it wasn't the right time for us to move so I froze my spot. Now it's a better time for us, or it could be be in 6-9 months (waiting for our son to finish middle school).
In my frozen spot, there are 59 active applicants on the external list who are ahead of me for a 2-bedroom.
My question is, how long would it take me to get into an apartment considering this position? If I unfreeze my name now, will it be a year? Much less? Much more?
Thanks in advance for any perspective.
Hi Molly! It's very hard to suss out this type of information. Your best hope is to watch this space and see if anyone else on the two-bedroom list posts that he or she was called to submit documents. There haven't been too many people on the two-bedroom list here, honestly. But you should search the thread in case I missed anyone.
If I had to guess, I would say that the one-bedroom list moves fastest, and the studio and two-bedrooms lists move more slowly.
A previous poster said that PS has a new policy: If someone is contacted and doesn't reply, that person is automatically put on hold. Then, if the person misses a second notice, they are off the list. I do see that the one-bedroom list has been moving up, and occasionally moves backward. I assume that is because someone who was thrown off the list is asking to be put back on (that happened to an acquaintance on the studio list).
So maybe the two-bedroom list is moving up also.
Basically, you are not risking anything by staying on hold. You keep moving up the list, same as the active people.
Hopefully someone on the two-bedroom list will see your post and reply!
Last edited by macnyc2003; 11-29-2021 at 09:27 AM..
Hi, and welcome to the forum! Thanks for posting helpful information. Are you on the studio, one-bedroom, or two-bedroom list? Are you on the 2019 list? What is your approximate log number on the "actives" list?
Hi, I am on the one-bedroom list. I am on the 2014 list. I had put my application on hold and reactivated this past May. I am in the mid-30s on the list. I was contacted a few days ago and I have been offered an apartment. Let me know if you have any questions.
Hi, I am on the one-bedroom list. I am on the 2014 list. I had put my application on hold and reactivated this past May. I am in the mid-30s on the list. I was contacted a few days ago and I have been offered an apartment. Let me know if you have any questions.
Thanks, and congrats! I am helping my daughter, who's about 100 places behind you on the one-bedroom list (2019). How many apartments did you see? Did you get to pick? Did you see all E lines or G lines, as someone posted a while ago? Did you see any balcony apartments?
Thanks, and congrats! I am helping my daughter, who's about 100 places behind you on the one-bedroom list (2019). How many apartments did you see? Did you get to pick? Did you see all E lines or G lines, as someone posted a while ago? Did you see any balcony apartments?
I started viewing apartments when I was in the 100s. I saw 11 apartments and was offered 10. I received three different letters: one letter had one apartment and I was 7 on the viewing list, the other had two apartments and was 9 on the viewing list and the third one had 8 apartments and I was 6 on the viewing list. I really loved the apartment that I was 7th on the viewing list and did not think that I would have a chance of picking that one but a miracle happened and it was one of the apartments offered. I saw lines C, H but mostly A. I chose the H, which has a lot of living room windows. No balcony apartments. I realized that it would slow down the process if I requested a balcony. Once you get in, after three years you can request an internal transfer. At that point, you can request a balcony.
I started viewing apartments when I was in the 100s. I saw 11 apartments and was offered 10. I received three different letters: one letter had one apartment and I was 7 on the viewing list, the other had two apartments and was 9 on the viewing list and the third one had 8 apartments and I was 6 on the viewing list. I really loved the apartment that I was 7th on the viewing list and did not think that I would have a chance of picking that one but a miracle happened and it was one of the apartments offered. I saw lines C, H but mostly A. I chose the H, which has a lot of living room windows. No balcony apartments. I realized that it would slow down the process if I requested a balcony. Once you get in, after three years you can request an internal transfer. At that point, you can request a balcony.
Congrats! It sounds as if you had an amazing result! I'm glad you saw A lines. I think that is a great layout. To you, what makes an apartment more desirable? Is it location, or high floor vs. low floor?
I have a question, though: I thought that both C and H lines had balconies. Did you happen to see C's and H's that were on low floors?
Last edited by macnyc2003; 12-06-2021 at 09:40 AM..
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