55 Summit Street Cooperatives (80% AMI) (mortgages, townhouse, income)
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My sister was contacted yesterday to submit docs. She is CB, log 1,xxx. I helped her and we submitted everything within 2hours LOL will keep you posted on how it goes!
Was it the same docs you submit when winning a lottery to rent?
Location: Read the Marketing Handbook, and Income a Guide.
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Originally Posted by namebyuser
Was it the same docs you submit when winning a lottery to rent?
Intuition, and the text below suggest that additional documents would be required, if not now at the time of the require mortgage application and/or closing. At this time, it’s seems sensible to ask for documentation that the min. downpayment exists.
Based on very limited past experience, it might be allowed to takeout the mortgage then quickly choose to pay the balance in cash.
‘In order to qualify for this homeownership opportunity, eligible buyers must meet income restrictions listed in the below chart AND ensure the combined annual cost of monthly fees, mortgage payments, utilities and property taxes are between 25% and 35% of their annual household income. This means eligible buyers may not purchase this housing opportunity in cash and must secure a mortgage in order to qualify.,
Walked by yesterday and the building + attached townhouses looked like they weren't occupied yet.
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