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Also got an email yesterday to start submitting documents for eligibility. Log no. is also 2xx. I applied back in Jan 2020. Really shocked that I got an email to proceed. Curious to know how far anyone has gone with the process. Did anyone get to see the condos available?
I'm assuming some applicants got very far but could not come up with the down payment or close, so Rennie/Housing Partnership moved onto other qualifying applicants.
Question: E-mail said 5% of down payment must be from own funds. Can these funds come from a retirement plan like 401K? or anywhere?
Sorry, I am very new to this as I have been renting for over 20 years. This may be my chance to be a first time homebuyer in Manhattan! Any resources that anyone can recommend would be greatly appreciated.
Also got an email yesterday to start submitting documents for eligibility. Log no. is also 2xx. I applied back in Jan 2020. Really shocked that I got an email to proceed. Curious to know how far anyone has gone with the process. Did anyone get to see the condos available?
I'm assuming some applicants got very far but could not come up with the down payment or close, so Rennie/Housing Partnership moved onto other qualifying applicants.
Question: E-mail said 5% of down payment must be from own funds. Can these funds come from a retirement plan like 401K? or anywhere?
Sorry, I am very new to this as I have been renting for over 20 years. This may be my chance to be a first time homebuyer in Manhattan! Any resources that anyone can recommend would be greatly appreciated.
I have already submitted all my paperwork. The only thing I need to do is get them the $50 for the background check.
My Email disclaimer says that Half the down payment must come from your own funds. So essentially it will be the estimated closing cost. These funds can come from your 401k but remember that you will incur a penalty fee for taking that money out early.
I am also excited to be a first time homebuyer in harlem. I have so many questions. Im waiting for a point of contact so I can ask these questions.
You can take some funds from 401(k)s without penalty if you're buying a home, but don't just take my word for it. Look up the rules and read them carefully.
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