CEDARWOODcooperative

Welcome to Cedarwood Cooperative, a unique alternative to home ownership. We feature 1, 2, and 3 bedroom units with full basements. Return completed applications to 63 Cedar St., Park Forest, IL 60466. Applications with blank lines cannot be accepted or processed. For more information, call 708-747-3833 or email at customercare@mycedarwood.com.

                       

MINIMUM INCOME REQUIREMENTS

 

Applicant:                                  $25,000 + $1,000 per dependent

Joint Applicants:                       $25,000 + $1,000 per dependent child or parent

(minimum income requirement for one applicant - $22,000)

Senior Citizen (age 62):           $18,000 + $1,000 per dependent

Disability:                                  $18,000 + $1,000 per dependent

 

APPLICATION PROCESS

All persons wishing to apply for membership must fully complete an application.   All applicants MUST apply in person including occupants or dependents 18 years of age or older.  Applications with blank lines will not be accepted and will be considered incomplete. There is a three-step screening process.

 

  1. Financial pre-qualification (income, credit, prompt payments, landlord/mortgage verification)

  2. Criminal background check* (occupants over age 18 are subject to background checks)

  3. Debt-to-income ratio (DTIs determine the ability to make payments and to qualify for a loan)

 

*Please note that criminal background checks are not processed until Financial Pre-qualifications are established. Dependents age 18+ must provide their name, birthdate, social security number, address, phone number and a copy of state issued ID.

 

CREDIT AND BANKRUPTCIES

Seventy-five (75%) percent of all credit must be in good standing.  Judgments/collections cannot be considered unless they are under $200 and paid. Medical collections will be considered if all other criteria is met. A foreclosure or bankruptcy will be considered if it’s 2 years old and 80% of current credit is in good standing.  Landlord or mortgagee must verify applicant is in good standing with a timely payment record.

 

DOCUMENTATION AND FEES REQUIRED

• $40 non-refundable application fee per applicant; cashier’s check or money order accepted, NO CASH ACCEPTED!

• $20 non-refundable fee for background checks for each dependent over 18 years of age

• Paycheck stubs for the last three (3) months and previous year's W-2s

• Copy of current driver’s license or state ID for all occupants over 18 years of age

• Copy of Social Security card for all occupants over 18 years of age

• Copy of marriage certificate

• If your employer uses a verification service, we may require a separate fee of $20-$60

• Seniors and Disability applicants must submit a Benefit Verification Letter and bank statements

• Child support and alimony - must submit court order and evidence of twelve (12) month’s payments

• Self-employed applicants must submit 3 years’ profit & loss statements, 1099s, federal tax returns and copy of business licenses

• Rental income- submit copies of leases and twelve (12) months’ evidence of payments received

• Admissions Committee may request addition information deemed necessary to process your application

• Proof of funding—via bank financing or available personal funds—must be provided for the purchase of the unit