Purchase Pre-Qualification Requirements Policies

1. Admissions Package

An Admissions Package will be furnished to the shareholder to give to his/her prospective purchaser(s). The package must be completed with all required documentation supplied before the prospective purchaser can be interviewed. If a purchaser is seeking financing, a commitment letter from the financial institution must accompany the application before an interview can be scheduled. In addition, the attorney for the purchaser must affirm that the price reflected in the contract of sale is in fact the true price for the purchase. The application must be complete with all requested documentation regarding employment, financial information, past residences, references, etc.

2. Income Requirements

With respect to a prospective purchaser, the monthly outlay of maintenance payment plus mortgage payment, if there is financing, cannot exceed 28% of gross income. These respective obligations annualized when added to all other annual indebtedness obligations of the prospective purchaser cannot exceed 38% of gross income.

3. Down Payment Requirements

A 20% down payment is required to purchase an apartment in Forest Hills South®.

4. Interview

The purchaser and all intended occupants must be listed on the application under "occupants" and all should be present at admissions interview.

Admissions interviews are held monthly. In order to be scheduled for the month, the applicant must meet all of the above requirements and the admissions package must be submitted to the management office by or before the first (1st) Friday of the month.