Housing lottery income

[macnyc2003]

After you sell the property, yes, I guess, the amount of the mortgage won't be going into your bank account. Do you otherwise make it under the asset cap?

[Rumi2316]

Yes, after selling and paying off the mortgage I will be under the asset cap. But they just asked for documents and now asking about this property

[macnyc2003]

Well, timing is everything in this process, so you may not qualify until after you sell the property.

[Jenjen23]

Do they consider money in your savings account or checking account as “income”? I know it’s suppose to be reported but I don’t know if they would consider that as income to pay for monthly rent…

[macnyc2003]

The money in your savings accounts and checking accounts is an asset and these funds are included when calculating the asset cap.

The deposits you make into those accounts are income.

You don’t really have to report it since the marketing agents can see for themselves when they look at your banking statements.