Apartments for Cheap

Questions and Answers

Your Questions About Apartments For Low Income Students

April 28, 2012

William asks…

How much is it worth to have a good living situation?

My current apartment is crowded, and the entire place depresses me because my roommates are terrible, and everything is a cluttered mess. I avoid going home and when I do, I just go straight to bed. However, it is very cheap.

For an additional $200 more per month I can live in a beautiful, spacious apartment with a quiet, private roommate. I would be able to relax there and actually enjoy my living space.

I am a full-time student, working on the side, lower income, etc., but I feel that it is worth it to “splurge” on this. In your opinion, what should I do? Thanks.
Current rent is about 600/month. New apartment is about 800/month.

Administrator answers:

$200 sounds like a bargain for a good living environment. It will help your studying to be in a quiet place as well. If you can afford it, then it’s worth it.

John asks…

Do I need to file a tax return?

I started school in January of 2008. I did not work at all during the school year. I did receive student loans, financial aid and state assistance. I pay rent in an apartment, usually claim head of household and have one dependent and pay childcare costs for him. In the past I was considered low income but when I filed my taxes I generally received around a $3000 refund. Obviously this year is different because I didn’t have income. But I received around $12,000 for tuition and $453 a month in state assistance. So what do I need to do? I
Great answers so far. Another question: I heard something about there being some sort of education credit. What is it and would I be eligible?

Administrator answers:

No, you do not have to file a tax return. You don’t have any earned income. Therefore, you will not receive any refundable credit. Someone suggested that you can claim your tuition and such…claim it against what? Your taxable income is already zero…it can’t get any lower.

Hope this helps.

Jenny asks…

Please review this and let me know what you think? :) ?

I am applying for my first Studio, its a low income housing complex that has a very intense screening process. They pull your credit report and it has to be at 650 or higher (Im at like 653 w/ Experian- but I dont know what bureau they use that might make my score a little lower. A coworker has suggested turning in a friendly statement of facts along w/ a copy of my experian report explaining any points they may possibly view as negative.

Please read the below and let me know if you think its too much? Its okay? Any advice much appreciated!

********************************************************

This is my personal statement regarding any possible negative points of my credit report in further detail.

Possible Negative Point 1- Large amount of money owed in total:
This is for one reason only and that is my student loan amount. I attend a private nursing school and have needed to take out a US Dept of Education loan on the tuition cost. I have been paying back interest that may be building up here and there, but the large amount of money I owe is due entirely to student loans. These are government funded loans and I am not scheduled to begin paying these back until 6 months after my graduation date.

My auto loan remaing balance is under $1000, and per my credit report you can see that it will be paid off in full with 3 more months of regular payments.

Possible Negative Point 2- Low Credit Limit on Revolving Credit Card, and amount owed closer to the total limit:
I recently had a emergency large ticket item on my vehicle and had to turn to my credit card to help pay for the repair. Per my credit report you should see that I have only been over the limit once by error but have maintained this credit card in good standing and most often with very low balances since I received it when I turned 18 in 2006.

Things I would like to be considered:
I am 22 years old and am currently bulding my credit. I have never taken on a financial responsibility I wasn’t able to handle and my credit report should reflect that as well. I had a $9,000 car loan that I obtained in May 2008 set to last for 4 years. Through timely payments and extra payments I will be done with this loan much ahead of schedule by the end of 2010.

I have also attached a copy of my Experian Credit Report in full detail as I obtain those free with a monthly subscription in case your source of credit reports don’t provide enough detail to support my facts above.

I appreciate you taking time reviewing my statement. I would very much like to be approved for this apartment and therefore felt the need to point out the reasons for any possible negative point of my credit report in further detail.

“My Name”

Administrator answers:

I wouldn’t send it in unless and until I had been rejected.
Even then, I would try to make it more positive.

To: Screening Board/Apt complex name.
Re: Appeal of application.

I am enclosing a copy of my Experian credit report. I am concerned that items on it have unnecessarily lowered my credit score.

I would like to address the items shown on it.

Loans.

I currently have 2 loans.

I have an automobile loan. I took out a $9000 loan in May of 2008. This was to be a 48 month loan, but I will have it paid by December of 2010 at the end of 30 months. The current balance is $1000. This will add $xxx to my available monthly budget.

I have student loans. These are deferred until 6 months after I leave school. At that time, I will owe approximately $xxx a month.

Credit.
I have had my credit card for 4 years. I have been over the limit once. I understand that part of my credit score is based on the percentage used of available credit. The reason I maxed out the card was due to an unexpected and unusually high repair bill to my car.

I appreciate you taking time reviewing my statement. I understand that the xxxx apartments takes credit worthiness seriously. I would very much like to be approved for this apartment.

“My Name”

Daniel asks…

Help! Is there any type of Government help for my situation?

Okay, I think it’s a little f’d up the way the government decide what is “low income” and what is not! Seriously! I make approximately 50,000 a year and I have a son. I have 20,000 + in student loan, $1000 childcare expense, $1200 rent for a “1 Bedroom!” (and it’s not even those great ones! It’s the “Okay” built in the 80′s apartment complex!) and that’s the cheapest I could get for a safe area!, thank goodness the gas went down b/c I would’ve been paying 60 a week just for gas! Anyway, to get to my point! I have so many freaken bills and with this stupid economy what I’m making is BARELY enough to survive! Even when I file taxes I have to pay back! WTF! That’s just f’d up! I don’t qualify for anything b/c I make too much?! You think? After taking out all those taxes I only bring home 2,800 a month! I don’t need the government to pay for all my child care expenses! at lease a quarter or half would be nice! I don’t need the government to cut my rent in half! I just need them to help me a little bit! I’m not asking for too much! wtf can they not help! I should just quit my job file for bankruptcy and go on the freaken welfare program! at least I’ll qualify to pay 100 for my rent and have my child care paid in full and get food stamps even some cash assistance! I’m able to save more than now! I’m so pissed off!

Administrator answers:

Sounds like you need to change your priorities.

You should be making more than enough to cover your expenses.

Move, get rid of cable tv, change your phone service, cut back on the use of electricity, learn how to cook for yourself, eat more beans and rice, get a cheaper car, whatever it takes.

Robert asks…

How am I suppose to know if the houses are in the market.?

I live in Georgia for 10 years.I am a full-time student, and part-time employee at Kroger. I want to buy a HUD house because it is cheap and that the only thing that I can afford it. I have a good credit score 790; however, the bank had turned me down because I am consider low income. Then I ask my family to help me out in financial which they did. I am going to buy a house under $18.000 pay in cash. I called one of the agent specialist in HUD and he didn’t help me much; he told me to look up the houses by myself and when I want to bid the house then call him. well I guess it is not a big deal according to my budget I guess and I don’t want wasting his time either.
I saw the list on HUD or HUD PEMCO and then I saw several houses in that area. I wrote down the address and called my agent if the houses are available. He got back with me, and he said those properties are not longer available.
I googled the address and it showed active (www.redfin.com and www.movoto.com) I also search www.huddekalb.com because Lithonia 30038 is in DeKalb county, and I didn’t see that particular house that I am looking for and then it showed in www.hudbarrow.com. I search on www.hudpemco.com it didn’t have Barrow county on the list. Now I was wondering how am I suppose to know if the properties are available in the market. I saw a lot of cheap houses in Lithonia area, and I like the area ; however, I become stressful knowing those houses are not in market anymore. Why the paper from HUD still attached on the window? I really need some one who really understand about HUD home and explain this situation to me. I don’t want to rent an apartment and burn all my money that my family had given to me. In Lithonia area the HUD houses are range from $10.000 to max. But there are so many HUD home already sold in the my budget.
Thank you so much.

Administrator answers:

Go on www.homesales.gov and you can see all the active properties for anywhere in the U.S. Make sure you read the property condition reports. Also you will see that they suggest getting a home inspection for any property before purchasing it. You can click on any property on the site for a real estate agent that is actually interested in selling these properties to you. A buyer’s agent is a good idea as well, but a listed HUD agent should be cooperative and lead you through the steps needed to buy any of these houses. They are actually easier than purchasing a normal house but you need to be informed. Good luck to you, I purchased several HUD houses over the years and was satisfied with all of them.

Laura asks…

Possible apartment application rejection?

I just filled out an application for a room/apartment that I’m dying to rent with a girl who is already living there with another girl. However, since I am a full time student, they asked me what my income from the university is, I put solely my budget for housing, not the total amount. I am now worried I will be rejected from renting there if my income is too low. I still have time to ask my potential roommate to change the number before she turns it in, but I’m wondering, how much weight do they place on income or credit check? I have great credit, but I don’t know if an income requirement will keep me out of this fantastic apartment, when I really do have the money to pay for it.
Just to clarify:

This isnt a privately owned building or house or anything. I am not dealing with a landlord. It is a company managed building.

Administrator answers:

They meant your whole income. Be prepared to back it up.

Yes, they will put lots of weight on income and your credit report, more then anything else. Although, they will verify your income as well.

Betty asks…

Minimum income to survive?

So I’ll have a 250 dollar a month student loan payment when I get out of school, and I’m wondering if anyone can give me an estimate of the minimum I’ll need to gross a month to survive. I’m from South Carolina, so the cost of living down here is probably lower than most other places. To give you an idea, a 1 bedroom, 1 bath apartment is about 420 a month for rent. Can anybody give me a ballpark estimate about how much I’ll need?

Administrator answers:

You will need about $2,000 a month free and clear (net income) to comfortably afford your student loan payment and your rent, and still be able to pay for variable expenses such as groceries, entertainment, utilities, and transportation. You also should try to save 10 percent of your monthly income, especially to tide you over in case of emergencies or other unexpected expenses. That way, you won’t have to depend on credit cards to make ends meet.

A good rule of thumb is to spend 25 percent or less on rent/mortgage and no more than 40 percent total on the combination of rent or mortgage plus other debt payments.

Thomas asks…

Does it make sense for me to fight foreclosure of deceased relative’s property?

I am seeking to cure the mortgage, assume financial responsibility, and live there for a few years until I earn my degree. After that I plan to use as a rental property.

About me and my circumstances

* 25 year old Ph.D. student (Public Health Epidemiology)
* I need a place to stay. I’m currently staying with a relative and she wants me out by August – really ASAP.
* Cheapest rent in Miami is $500 per month in VERY bad neighborhoods for an efficiency or room. I would be looking at least $600-700 for a decent, single 1-bedroom apartment…excluding utilities.
* Income
-Unemployed but receive $1833.33 via fellowship (money does not have to be repaid).
-I CANNOT work as stipulation of almost half of the funding I receive.
-Considering giving away part of the fellowship so that I can work and then be better candidate to refi altogether with something like a 203K.
-Have $23,000 liquid I am holding onto from student loans I took out for the sole purpose of saving this home (either to go towards reinstatement or repairs).
* Expenses monthly are roughly $975 per month in bills and $350 for miscellaneous expenses. I support myself only.
* Debt
-Revolving accounts: $15,055.99
-Student loans: $53,269.87 (including the cash I’m holding onto)
-Auto loans: $5,989.26
* Credit
-Building credit since 2004.
-No prior negative history with the exception of minor case of identity theft where a cable account was opened in my name and collections activity was briefly on my file last year. Quickly resolved and had removed.
-Current scores coasting at the upper 600s to low 700s (703 peak) mostly due to high balances and age of accounts.
-Extremely responsible with paying bills. Have a VERY rigid system, NEVER late.
* I recognize that my financial picture is kinda ugly…especially for someone my age. ?
* No one in my family is in a position to help me with this. They are either not willing (in the case of my six-figure earning engineer uncle) or cannot (in the case of my parents who are going through a bankruptcy).

About the property

* I am listed on the title of the property along with my father and uncle.
-Grandmother signed a warranty deed prior to death leaving property in her children’s names.
-One of those children (my aunt) subsequently lived in the property, didn’t pay ANY bills, and did not notify the rest of the family about the past-due notices/foreclosure threats.
-That aunt quit-claimed her ownership to me almost a year AFTER foreclosure proceedings were initiated.
-Father is currently in bankruptcy process.
-Property has never been through a probate.
* Has been in foreclosure 24 months and no sale date ever assigned.
* Monthly mortgage payments for the property are $318. Previously they were $260 per month but due to initiation of foreclosure proceedings, lender-placed insurance and taxes are now being escrowed.
* Current payoff total (breakdown below): $35,574.75
-Principle balance: $21,388.76
-Interest: $2,540.30
-Late Charges: 78.36
-Escrow: $8,617.33
-Fees: $2,950.00
* Bank wants total of $19,422.97 to reinstate the mortgage. This amount includes:
-$10,805.64 past due payments, late charges, interest, and fees
-$8,617.33 for escrow
* Home needs significant repairs >$20,000. Without them, home is uninhabitable.?
-I paid $1,600 to have water-lien removed; I didn’t want that to make things more complicated.
-What ultimately led the aunt to leave the home is that the water was shut off due to non-payment of the water bill that stemmed from a water leak that would’ve originally cost her $150 to take care of.
-The aunt also took all of the appliances from the home and left it in horrible condition (photos: https://picasaweb.google.com/108920621280191069467/House?authkey=Gv1sRgCP7t9bGQ7OvB4AE&feat=directlink?)
* Home was appraised at $70,000 (sales-comparison) and $103,546 (cost approach, if developed).
* The bank does not have the original note (thought I’d mention that).
Clearly, this is a huge dilemma for me. I do have a lawyer on the case but he honestly seems to be doing nothing. My father and uncle hired him. He hasn’t even been trying to negotiate. I spoke to him once and he says his priority was to hold the bank off as long as possible and that he’s done pretty well considering how much time has elapsed with no substantial progression in the foreclosure case.

On one hand I do need a place to stay and this would be just about the only place I can afford. On the other hand, I could use the cash I have on hand to pay off some of my debts and work towards being debt free. Granted I do understand that I using borrowed money to pay other debts isn’t the smartest thing in the world. In my defense by paying down some debts now, I would be able to decrease the amount of money spent monthly. The loans which ultimately have to be paid back won’t be due until after I graduate. HOPEFULLY, I can land a decent job once I graduate with my Ph.D. Sigh.

I am ext

Administrator answers:

Try calling the National Association of Homeowner Advocates, www.naoha.org. Found out about them through someone I know – they helped me for free no upfront fees and very helpful.. They had very knowledgable staff when I called in
I tried for almost 2 years with BofA to get a loan modification and they got my delinquent payments caught up and reduced my payment down almost 40%.

1 (888) 954 6736 They will give you free guidance!

Joseph asks…

Full-time student apartment situation?

My fiance and I are both full-time students and are looking for an affordable apartment to live in Illinois ($575 a month max). The problem is that most apartments in the Quad Cities are low income based. They do not allow both residents to be full-time students. We also have a mini-beagle that will live with us, who is only 19 pounds and should meet the small dog requirement. I don’t understand why we can’t both be full-time students when my fiance works nearly full-time and my dad will pay my half of the rent until I get my job back (I was layed off, but will get my job back in the future when there is funding available, most likely within the next few months). However, once I get my job back, our combined income will exceed the usual maximum income of $30,000 for 2 residents in a one bedroom apartment for low-income apartments. What should I do in this situation?

Administrator answers:

Keep looking until you find a place that will take you. Try looking in the local paper, rent.com, apartments.com. You may find a house to rent, or an apartment within a house. Keep looking-you will find something!

Powered by Yahoo! Answers