Home Buying in 10026>Question Details

Newwhenry,  in New York, NY

Are Income limits gross or adjusted?

Asked by Newwhenry, New York, NY Fri Jun 28, 2013

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7
Income limits are based on Gross income in an HDFC building.
And it varies with the number of households; the number of people living in the apartment
And their collective income.
Qualifying for a loan is totally different than qualifying in a coop.
Most of the time to qualify for an apt Ina coop building will vary and will depend on the house rules
And every coop is different even an HDFC coop. The limit on a salary can be different.
You can be preapproved for a lot of money from a lender BUT if the COOP states that maximum
Financing is 80 percent of the purchase price than that is all you can borrow.
fern Hamberger
LIC Asso Broker
Fhamberger@cocoran.com
Corcoran
0 votes Thank Flag Link Tue Jul 9, 2013
I don't think the question pertains to a loan. There are no income limits on a loan. A billionaire can qualify for a loan. I believe the question is about NYC "affordable housing" programs with income limits because they are for "low income" households.
0 votes Thank Flag Link Sat Jul 6, 2013
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
Contact
Sorry but self employed buyers are much harder to qualify the lenders work off your net income. Get with a lender that discussed the question below to start the process. Good Luck to you. Tom Inglesby, Broker, RE/MAX
0 votes Thank Flag Link Sat Jul 6, 2013
Gross is only for WAGED employees.

If you are self-employed be prepared to submit tax returns If you want to bypass income verification, you may qualify for the Stated-Income mortgage program (No-Doc Loan). Please contact me if this is the case as there are additional requirements we'd need to discuss to ensure eligibility.


Kindest regards,


Paul F. Marzolla
Sr. Mortgage Consultant
(201) 957-6768
pmarzolla@unvmortgage.com
0 votes Thank Flag Link Mon Jul 1, 2013
Newwhenry,

Your question sounds simple but the answer is complex. It depends on the definition of "gross" and "adjusted"

Federal tax returns do not have a box for "gross income" Many people consider "gross income" box 1 on W-2 "wages, tips and other compensation".

I have sold in HDFC coops that determined maximum income requirement by "Adjusted Gross Income" line 37 on IRS form 1040.

HDFC coops are for "low income" households. The definition of "low income" can expire, change and be determined by the individual HDFC corporation according to it's certificate of incorporation and bylaws but the highest standard HPD (Housing Preservation department) will accept is 165% of the median income for the NY metropolitan area.

Mitchell Hall
Licensed Associate Real Estate Broker
The Corcoran Group
mhall@corcoran.com
http://nycblogestate.com
0 votes Thank Flag Link Mon Jul 1, 2013
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
Contact
Generally based on gross income....
0 votes Thank Flag Link Mon Jul 1, 2013
Income limits for purchasing an HDFC apartment are based on your gross income...unless you are self employed, then it is net income.
Michele Portnof
Associate Broker
Rutenberg realty
mportnof@crrnyc.com
0 votes Thank Flag Link Fri Jun 28, 2013
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