Home Buying in 10026>Question Details

Rockstarnyc, Home Buyer in 10026

Would I be ineligible to purchase an HDFC co-op with a $192K income restriction if my current salary (before any taxes or other reductions) is $210K?

Asked by Rockstarnyc, 10026 Tue Mar 30, 2010

I've been looking at several HDFC co-ops in Central Harlem that have a $192K income restriction. I can prove that I earned less than $192K in the each of the last three years through my W-2s and tax returns. I had a $190K salary (again, before any taxes or other reductions) until last week, but this week I started a new job and my new salary is $210K (again, before any taxes or other reductions). So, my question is would I automatically be disqualified from buying one of these HDFC co-ops with a $192K income cap because my current salary is over the limit? I guess another question that I have is how much does my current salary matter in relation to the income cap?

Help the community by answering this question:

Answers

6
The fact that someone with a $200K income is getting a public subsidy is absurd!
0 votes Thank Flag Link Sat Mar 5, 2011
Yes, it is based on your last two years tax returns, but sometime they ask for current paystubs, so I wouldn't wait much longer if you are seriously looking to purchase. I currently live and have listings in one of these building.

http://www.warburgrealty.com/property/717835

Robert Williams
Licensed Real Estate Agent
Warburg Realty Partnership
100 Hudson Street, New York NY 10013
(646) 253-0353 work
(646) 253-9653 fax
(347) 371-1220 cell
rwilliams@warburgrealty.com
http://www.warburgrealty.com

ELLINGTON ON THE PARK combines luxury living and value - homes starting at just $375,000
Ellington on the Park, a newly constructed building located at 130 Bradhurst Avenue in Manhattan, has a premier collection of 23 one-, two- and three-bedroom homes. The homes feature beautiful interiors and many have park views and large outdoor space. A 25 year 421(a) real estate tax abatement has been applied for by the Sponsor. Offering by prospectus only.
0 votes Thank Flag Link Fri Apr 30, 2010
It is the prior 2 years tax returns that are used to determine eligibility, so if you buy this year there would be no issue. If you buy after this year, you will probably still be good to go, but will need at least $18,000 in adjustments to your income to qualify. These adjustments are the ones on the first page of Form 1040.
0 votes Thank Flag Link Sat Apr 3, 2010
Dear Rockstarnyc,

To add to Jenet and Mitchell's comments. Since HDFC co-ops can be a bit problematic in terms of you income level both past and present. I would suggest that maybe you look at some non HDFC Coop and Condos in that same area to at least know what options are available to you.

Good luck.

Nirmala Caraballo
Licensed Real Estate Agent
Cruse Realty
Tel.: 646-479-7873
Email: nhcaraballo@yahoo.com
0 votes Thank Flag Link Thu Apr 1, 2010
In my experience, HDFC coops base the income cap eligibility on the prior years adjusted gross income as evidenced by such, tenant's federal tax return for such year.
0 votes Thank Flag Link Wed Mar 31, 2010
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
Contact
It is based upon your last 2 years of tax returns, so you should be good.
0 votes Thank Flag Link Tue Mar 30, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer