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Usually you are required to show you have the deposit in an account either your own or in the person who is gifting it to you. Definitely a question for the info session
Not crazy about the midtown location but $718 in mortgage a month is a steal. They're a great starter condos. Unfortunately, we don't qualify unless I pop out several more children really quickly. lol
I've done two information sessions for affordable housing co-ops through the housing lottery and they do give out a lot of information about every step of the process and they're free. It's definitely worth attending. From what I can see, the process for both of the ones I attended were pretty much the same.
There are restriction on the resale price and the income of the next buyer to keep it affordable, but don't quote me on that.
As far as down payment, lots of people take money out of an 401k or IRA to cover their down payment. New York City and state also has something called down payment assistance program where they give sometimes up to $40k. It's a process, so if you're thinking about applying start now. I believe the NYC one is a grant you don't have to pay back. They help you clean up your credit, potentially get a loan, and give you free education in preparation for home ownership.
That will be hard if gifts are not allowed. Or it has to be in your account for a certain period. The requirements make no sense sometimes.
In one information session I attended it was suggested if you're getting a gift, to let it sit in your account for several months instead of trying to deposit the gift once your lottery number is called. The issue with that is, I don't know too many people who can ask someone to let them hold $20k in their account for a home they may or may not even be chosen for for an unknown amount of time. Sometimes these lotteries can take months or a year. Chances are if you can do that, your options as far as home ownership are already too wide for these lotteries.
Not crazy about the midtown location but $718 in rent a month is a steal. They're a great starter condos. Unfortunately, we don't qualify unless I pop out several more children really quickly. lol
I've done two information sessions for affordable housing co-ops through the housing lottery and they do give out a lot of information about every step of the process and they're free. It's definitely worth attending. From what I can see, the process for both of the ones I attended were pretty much the same.
There are restriction on the resale price and the income of the next buyer to keep it affordable, but don't quote me on that.
As far as down payment, lots of people take money out of an 401k or IRA to cover their down payment. New York City and state also has something called down payment assistance program where they give sometimes up to $40k. It's a process, so if you're thinking about applying start now. I believe the NYC one is a grant you don't have to pay back. They help you clean up your credit, potentially get a loan, and give you free education in preparation for home ownership.
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