The Condos at Navy Green affordable housing lottery (New York, York: safe area, to live)
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Please be advised that Wells Fargo is no longer an approved lender. I believe they added M&T Bank and I believe Chase. Don't have letter in front of me plus any provider of SONYMA LOANS if you choose that rout. I am comparing a couple of lenders one I get the good faith estimate. My attorney is my fraternity brother so my rate was adjusted somewhat. I don't see a lot for the attorneys to actually do in this process honestly. I would choose someone who is familiar with the affordable process as the criteria. I think you can save some money in choosing the attorney as long as they are reputable.
Maybe because they are subsidy housing, so that's why not so many attorney doing them. I just chose the one from the list they gave me. I thought all the SONYMA LOANS would be at the same rates, I don't know we can compare with different lenders.
I was fortunate enough to fall into one of the preference groups and have an extremely low log number, but I didn't interview until the beginning of this month due to a communication mix up. If anyone hasn't heard back yet, PLEASE make sure that you check your spam email as some of the emails from the company were getting filtered there.
I think I might have been one of the last in my preference group interviewed. I selected an apartment and received the offering plan on the same day. My application is now being reviewed, so I'm just waiting to hear back about next steps.
For any of you that have moved forward after the initial investigation, did you go with any of the recommended attorneys, or did you select another? How much were you quoted for attorney fees?
For any of you even further along in the process (i.e. mortgage approval), which loan officer did you go with? What determined your decision?
Hi, uwsbeautyjunkie:
I only interview two attorney from the list and went for the one I feel more comfortable with. They quoted me with about the same prices. I planned to work with Well Fargo and had been talking with them since my interview date. Until last week that the representative told me Well Fargo no longer doing the SONYMA product.
This is not an Offer to sell. Offers to sell may only be tendered upon issuance of the Offering Plan , as filed with the Attorney General of New York State.[/quote]
I think it's about $12K to $14K that you have to show in your bank account for the one bedroom, plus the closing costs $20K. They had not asked too much about the outstanding debt from the screening team. But the bank representative did asked about that.
vettech_gloria
20 k to close... that sounds a little bit too much
my friend just closed on a condo in bed stuy which sold for 410k and his closing cost was 17,000
20 k to close... that sounds a little bit too much
my friend just closed on a condo in bed stuy which sold for 410k and his closing cost was 17,000
I received my loan estimate and the closing cost were 19k on 1 and 23k on the other. The lower was missing some fees such as the sponsors attorney fees others smaller fees that are expected to be paid by the buyer and an estimate of your attorney fees. You add those back and essentially they were the same. I HAVE excellent credit and funds available. The cost are closer to almost 8 percent than 5% that was proposed in the seminars. Not sure why they were that deceptive because it makes a big difference. The most outlandish charge is the transfer fee tax. Supposedly with new condo developments the buyer is suppose to pay. That charge alone was 11k which is exactly the difference between the quote of 5 and 8 percent. That's going to effect a lot of people since its upfront cash money many did not plan to spend. Hopefully something is worked out but have heard nothing as of yet. Btw my attorney roughly quoted me basically the same amount prior to going to lender based on offering plan. Your basically looking at almost 40k total including down payment and closing on a 300k 1BR home. Therefore for those not selected thus far I'm sure they will be talking to backups. Because even if you fold it into your mortgage your monthly expense and interest rate will go up since its a larger loan.
If someone has heard something different I look forward to know what options may be available.
Is anyone else concerned that the sponsor will not guarantee that the condo will get tax abatement? This would raise the monthly taxes to around $500.
Where did you get this information from?
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Tax abatement
