Brownstone Lottory winner
I have been selected to purchase a brownstone through a lottery system which is very exciting! However I am not quite sure how a program like this is suppose to work since the low income cap levels do not qualify people to obtain mortgages for the high purchase price of the 3 family home that…
I have been selected to purchase a brownstone through a lottery system which is very exciting! However I am not quite sure how a program like this is suppose to work since the low income cap levels do not qualify people to obtain mortgages for the high purchase price of the 3 family home that requires only a 3% down payment. The owner would live in the 2-bd duplex and rent the (2) 1-bd apartments.
Is anyone out there familiar with this type of program or better yet been through this type of process before? Where is the gap in funds suppose to come from ie if a middle income person is approved for only 300k but the property is 700k but cannot jointly team up with another person due to the low income requirements as mentioned above. Are there any resources or programs to cover the balance that you all are aware of? Any help, or guidance will be greatly appreciated.
My number also came up for a housing lottery. I have the opportunity to buy one of the Red Hook Houses units offered by the Fifth Avenue Committee. It’s a 3BR 1.5 bath coop and if there’s a terrace, it’s $596K. Not sure if that’s even a good deal anymore.
When you find out, can you let us know? I’m curious. Thanks!
I am very familiar with these lotteries.
The organization that sponsors the lottery should guide you through the process or refer you to an organization that can help. Neighbors Helping Neighbors is a great place for advice.
The potential rental income is added to your salary. Depending on where the brownstone is this can be substantial. You may be within range for the proper mortgage amounts after this calcualtion.
congratulations if that is the route you want to go to. in regards to affordable lotto rentals.. the numbers vary so much for the various complexes. the income requirment for a single one person is often insane. sometimes it’s super low like you need to make at least 20k a year to pay 500 a month or something, or 48k a year and you pay 1150, etc. i make around that 48k mark *please dont mock me for that*, and well i can just go out and find a market rate rental for that price or even cheaper. cuz it’s not like these affordable rental lottos are in desired areas to begin with..
*rob*
Why not buy a two bedroom apartment for 300K in an area you can afford and not have to deal with the headache of maintaining an entire building on a limited budget, and the presumed resale restrictions etc?
Congratulations—winners of those lotteries are rarer than hen’s teeth. If it’s an HPD lottery, call them for info (it was probably included in original application). And/or try NHS of East Flatbush, 2806 Church Ave., 718-469-4679. NHS is a not-for-profit housing organization, which provides wonderful classes and other services, including help with mortgages, as well as foreclosure prevention. http://www.nhsnyc.org
Congratulations! I have never heard of a lottery for brownstones. Can you ask the program administrators? I have noticed the same oddity about low-income apartments in Manhattan. I assume they expect you to have enormous amounts of cash on hand but a low salary. Perhaps this works for retired people? I have heard that college students frequently buy such apartments in Manhattan with huge down payments their rich parents give them. Isn’t that sickening?