Home Buying in New York>Question Details

Eastsidelowe…, Home Buyer in New York, NY

how does one determine HDFC eligibility? gross income before tax? after deductions? basic salary?

Asked by Eastsidelowernyc, New York, NY Sat Oct 22, 2011

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Every HDFC coop is different. Although eligibility is supposed to be based on a standard formula 120% - 165% of neighborhood median income in my experience the individual coop boards will determine the purchaser's eligibility by their adjusted gross income of the prior years federal tax return. (line 37 on form 1040) Usually the past two years returns are required.

If you're planning on purchasing an HDFC coop you should find a broker that understands the rules, restrictions and nuances of HDFC coops.

Mitchell Hall, The Corcoran Group
917-312-0924
mhall@corcoran.com
Web Reference: http://nycblogestate.com
1 vote Thank Flag Link Sun Oct 23, 2011
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
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