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 sales@mycedarwood.com.

                       

MINIMUM INCOME REQUIREMENTS

 

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

Married Couple:                       $25,000 + $1,000 per dependent child or parent

(minimum income requirement for one spouse - $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. Applications with blank lines will not be accepted. 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; cash, cashier’s check, or money order accepted 

• $15 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 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