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9XX just got contacted to submit documents. Feeling nervous because I just got a promotion but I’m still within range. I just hate how they comb through your checking account. I spend A LOT on frivolous things but I always pay my bills on time. Never late. We will see.
Congrats! They check all accounts, not just checking. Trust me, my statements look crazy because I exclusively use my card instead of cash. They're ultimately verifying the nature of deposits made to an account not necessarily what's coming out.
Congrats! They check all accounts, not just checking. Trust me, my statements look crazy because I exclusively use my card instead of cash. They're ultimately verifying the nature of deposits made to an account not necessarily what's coming out.
@llamaDelRey do you think that 40,000 dollars I've saved from stimulus, unemployment and tax returns will be a problem when they ask for my bank statements?
@llamaDelRey do you think that 40,000 dollars I've saved from stimulus, unemployment and tax returns will be a problem when they ask for my bank statements?
1) Kudos for saving for a rainy day!!
2) I think this would depend on the AMI you fall into.
From page 55 of the HPD Marketing Handbook:
Asset Limit for Applicants of Rental Units
a. For a rental affordable unit, the value of the applicant’s household assets may not exceed the amount of the current HUD income limit for a four-person household for the AMI limit applicable to such unit.
b. For example, if the 60 percent HUD income limit for a four-person household is $55,000, a household of any size applying for a 60 percent AMI unit is not eligible if its total household assets exceed $55,000. If the 80 percent limit is $72,000, a household applying for an 80 percent AMI unit may not have more than $72,000 in assets.
3) Looking at this document https://www1.nyc.gov/assets/hpd/down...limits-nyc.pdf and the original listing on Housing Connect, at 60% AMI, the maximum assets you could have is $71,580 and at 80% the maximum is $95,440.
[quote=LlamaDelRey;63090847]1) Kudos for saving for a rainy day!!
2) I think this would depend on the AMI you fall into.
From page 55 of the HPD Marketing Handbook:
Asset Limit for Applicants of Rental Units
a. For a rental affordable unit, the value of the applicant’s household assets may not exceed the amount of the current HUD income limit for a four-person household for the AMI limit applicable to such unit.
b. For example, if the 60 percent HUD income limit for a four-person household is $55,000, a household of any size applying for a 60 percent AMI unit is not eligible if its total household assets exceed $55,000. If the 80 percent limit is $72,000, a household applying for an 80 percent AMI unit may not have more than $72,000 in assets.
3) Looking at this document https://www1.nyc.gov/assets/hpd/down...limits-nyc.pdf and the original listing on Housing Connect, at 60% AMI, the maximum assets you could have is $71,580 and at 80% the maximum is $95,440.[/QUOTE
Thank you for all that information, it was very helpful, you are very kind!
If they ask about the source of the $40,000 you can always explain how you saved it. The tax returns and unemployment etc are all verifiable deposits, that are temporary and sporadic.
They're trying to weed out people who may be hiding income from a source not listed on their application. Once you can verify whatever they ask, you're good to go!
Imagine the money instead came from being paid $769.23 every week for a year by a friend or random company. If this wasn't listed on your application as income, but they see recurring deposits on your bank statement, they will question it and may then count it as income.
Congrats! They check all accounts, not just checking. Trust me, my statements look crazy because I exclusively use my card instead of cash. They're ultimately verifying the nature of deposits made to an account not necessarily what's coming out.
Oh ok. That makes sense. I forgot to submit a couple documents before I hit submit though which is annoying but I’m sure they’ll email me asking for them since my application is now “Under Review”. They gave me the option of submitting for a credit report OR 12 paid rent receipts. I don’t have any receipts because I pay my rent through Venmo through my roommate. How would I submit this info? I’d rather not submit for a credit report because my balances are high even though my payments are 100% on time. Interest is killing me.
Just realized this is a supportive housing building. 109 of the units will be occupied by the formerly homeless, & people with a history of mental illness and substance abuse problems. I hate to be that person but I’m unsure if this building is gonna be the peace Im looking for. Especially with the area it’s in.
I had to make the same decision regarding this. It's not ideal for the experience I want, but I had to weigh the pros and cons.
In the past I was selected for 80/20 buildings in great parts of Manhattan. But they were only offering me a studio or a 1 bedroom. I had to decline because despite the great price, I wanted at least 2 bedrooms. I always wondered if I made the right choice walking away from those buildings, but I continued applying to every building I qualified for regardless of borough.
With the increase in popularity of the lotteries over the years, my log numbers kept getting higher. I told my self that I'd accept the next building that contacts me. Funny enough, I was contacted by 3 at the same time. One was on the Lower East Side but only a studio. The next was a 2 bedroom but at the top of the BX. The last one was perfect, until I realized it's supportive housing. I've seen the TikTok videos and heard people 's stories about their experience. I was very hesitant to accept the unit because if it.
But I weighed my options, my numbers are way too high for other buildings to think I'll be contacted and where my number was low (below 500) I received No Unit Available notices or just never heard back.
I figured if I have a terrible experience, I'll move. Everyone's threshold is different. Maybe you won't find it to be too bad.
Do you have other viable options? A lot of buildings in the Bronx have a supportive housing component. Sometimes you have to search more than on housing connect to find it. You might give up this building and wait for another and have the same problem.
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