Wednesday, January 20, 2010

Housing Opportunity

You can own your own home at The Gates Cooperative, a newly-constructed beautiful brick cooperative building with spacious 1-bedroom and 2-bedroom units that feature over-sized windows, abundant closet space, hardwood floors, and energy efficient appliances. Building includes laundry and storage rooms, recreational facilities and on-site parking. Close to subways, buses, shopping, and schools.

Maximum household income is $84,187. There is no minimum household income, but we estimate the lower range of acceptable incomes to be around $56,000/year to qualify for a 2-bedroom unit mortgage and a minimum of around $50,000 for a 1-bedroom unit mortgage. Household income is calculated based on current pay stubs (includes any bonuses, overtime, child support, interest payments, etc.), and includes all members, regardless of who in the household may be on the Cooperative mortgage.

Additionally, maximum assets for each household cannot exceed $52,749 for the 1-bedroom and $58,538 for the 2-bedroom unit. (This asset cap does not include money household may have in 401K or other retirements accounts.)

Those interested in submitting an application should download one from the website, or call (718) 522-2613 x15. Applications will be considered on a rolling basis so please hurry!! No broker's fee.
Income requirement

No comments: