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I got contacted for an apartment. I sent in my docs but I'm afraid I may be rejected. Last year my income was higher than the max for this apartment but that was only a one time thing my current salary is my base salary. I did include recent pay stubs. Will the pay stubs be enough to prove my current salary or I will I be rejected because of my W2 from last year?
If you can have a notarized letter proving your current salary is eligible shouldn't be a problem. I have kinda the same problem. I am a freelancer but I do work for an agency. Most of my jobs are by gigs. So I have my agency and my accountant wrote a letter and have them notarized. As long as your tax return matches your income. I don't think its a big problem. Hope this helps.
I got contacted for an apartment. I sent in my docs but I'm afraid I may be rejected. Last year my income was higher than the max for this apartment but that was only a one time thing my current salary is my base salary. I did include recent pay stubs. Will the pay stubs be enough to prove my current salary or I will I be rejected because of my W2 from last year?
They usually take the highest of the three: Letter from HR, W2 and paystubs.
They usually take the highest of the three: Letter from HR, W2 and paystubs.
Unless you can prove that the highest is not an accurate reflection of your future income. They need to calculate your projected income for the next 12 months to qualify you. For example, if your highest income was your last year taxes, but you lost that job, they would obviously not consider that as your projected income for the next 12 months. If OP can prove that the too-high income last year was really a one-time thing, they should still be able to qualify.
Unless you can prove that the highest is not an accurate reflection of your future income. They need to calculate your projected income for the next 12 months to qualify you. For example, if your highest income was your last year taxes, but you lost that job, they would obviously not consider that as your projected income for the next 12 months. If OP can prove that the too-high income last year was really a one-time thing, they should still be able to qualify.
And yes that’s how it’s supposed to be but some developments don’t care. I recently submitted my documents for an apartment and while in process, I received a surprise one time bonus at work. The letter from my HR department that came with the check specifically used the words, “one time bonus.”
Well, when my lottery case worker asked for me to resubmit paystubs and bank statements, I had to explain the deposit. I specifically told her that this is a one time payment. But can you believe that when I signed my TIC, the salary that they put down had the bonus factored in as if it were part of my normal pay? Thank goodness I didn’t go over but goes to show they count and factor in everything.
And yes that’s how it’s supposed to be but some developments don’t care. I recently submitted my documents for an apartment and while in process, I received a surprise one time bonus at work. The letter from my HR department that came with the check specifically used the words, “one time bonus.”
Well, when my lottery case worker asked for me to resubmit paystubs and bank statements, I had to explain the deposit. I specifically told her that this is a one time payment. But can you believe that when I signed my TIC, the salary that they put down had the bonus factored in as if it were part of my normal pay? Thank goodness I didn’t go over but goes to show they count and factor in everything.
Absolutely, if the bonus had put you over you probably would've won the appeal though. It's not worth pushing the issue if it makes no difference but if you were able to prove it was non-recurring, the handbook clearly states they are not supposed to count it as income. Sometimes you have to force these agencies to do their job properly though and it can be very stressful.
And yes that’s how it’s supposed to be but some developments don’t care. I recently submitted my documents for an apartment and while in process, I received a surprise one time bonus at work. The letter from my HR department that came with the check specifically used the words, “one time bonus.”
Well, when my lottery case worker asked for me to resubmit paystubs and bank statements, I had to explain the deposit. I specifically told her that this is a one time payment. But can you believe that when I signed my TIC, the salary that they put down had the bonus factored in as if it were part of my normal pay? Thank goodness I didn’t go over but goes to show they count and factor in everything.
That's exactly why I was initially rejected - they counted my one time bonus. It didn't matter what letters both my boss and business manager wrote or my comp profile. While I was in the process of appealing, the AMI changed and I was back in the range. That said, the agent outright told me I would not have won my appeal.
That's exactly why I was initially rejected - they counted my one time bonus. It didn't matter what letters both my boss and business manager wrote or my comp profile. While I was in the process of appealing, the AMI changed and I was back in the range. That said, the agent outright told me I would not have won my appeal.
That's so strange. How can they just blatantly disregard what their own rules say in black and white? At some point is the appeal with HPD not the agency? Maybe HPD would be more likely to follow their own rules? I tend to not trust what the agencies tell me as my experience with them is they don't want to deal with anyone's situation that is the least bit complicated and would prefer to lie to you and hope you go away than actually do their job.
That's exactly why I was initially rejected - they counted my one time bonus. It didn't matter what letters both my boss and business manager wrote or my comp profile. While I was in the process of appealing, the AMI changed and I was back in the range. That said, the agent outright told me I would not have won my appeal.
Wow that is terrible! I would've been so upset had I gone over! Thank goodness it worked out for you - your apartment is gorgeous!
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