Getting harder to qualify for mortgage loans…

[Arraya]

Fannie’s defaults have gone parabolic, it’s about time.

[patb]

I’ve seen a lot of properties that go UC
then implode.

I suspect that the banks aren’t writing new mortgages
unless they are just darned sure they are
going to get paid off.

[patb]

I’ve seen a lot of properties that go UC
then implode.

I suspect that the banks aren’t writing new mortgages
unless they are just darned sure they are
going to get paid off.

[patb]

I’ve seen a lot of properties that go UC
then implode.

I suspect that the banks aren’t writing new mortgages
unless they are just darned sure they are
going to get paid off.

[patb]

I’ve seen a lot of properties that go UC
then implode.

I suspect that the banks aren’t writing new mortgages
unless they are just darned sure they are
going to get paid off.

[patb]

I’ve seen a lot of properties that go UC
then implode.

I suspect that the banks aren’t writing new mortgages
unless they are just darned sure they are
going to get paid off.

[jameswenn]

[quote=beanmaestro]I have to admit, I don’t really follow the logic in these limits. Our expenses break down more or less as follows (well, before we bought a house)

25% taxes
35% savings
15% rent
25% other expenses

Other than not being stupid enough to grossly overpay for a house, I don’t see why we couldn’t spend 50%+ of our gross income on a house.[/quote]

If you use that break down, once you go to 50% (35% savings + 15% rent) for a home payment, you don’t have any savings, i think 35% for housing is a safer number

[jameswenn]

[quote=beanmaestro]I have to admit, I don’t really follow the logic in these limits. Our expenses break down more or less as follows (well, before we bought a house)

25% taxes
35% savings
15% rent
25% other expenses

Other than not being stupid enough to grossly overpay for a house, I don’t see why we couldn’t spend 50%+ of our gross income on a house.[/quote]

If you use that break down, once you go to 50% (35% savings + 15% rent) for a home payment, you don’t have any savings, i think 35% for housing is a safer number

[jameswenn]

[quote=beanmaestro]I have to admit, I don’t really follow the logic in these limits. Our expenses break down more or less as follows (well, before we bought a house)

25% taxes
35% savings
15% rent
25% other expenses

Other than not being stupid enough to grossly overpay for a house, I don’t see why we couldn’t spend 50%+ of our gross income on a house.[/quote]

If you use that break down, once you go to 50% (35% savings + 15% rent) for a home payment, you don’t have any savings, i think 35% for housing is a safer number

[jameswenn]

[quote=beanmaestro]I have to admit, I don’t really follow the logic in these limits. Our expenses break down more or less as follows (well, before we bought a house)

25% taxes
35% savings
15% rent
25% other expenses

Other than not being stupid enough to grossly overpay for a house, I don’t see why we couldn’t spend 50%+ of our gross income on a house.[/quote]

If you use that break down, once you go to 50% (35% savings + 15% rent) for a home payment, you don’t have any savings, i think 35% for housing is a safer number

[jameswenn]

[quote=beanmaestro]I have to admit, I don’t really follow the logic in these limits. Our expenses break down more or less as follows (well, before we bought a house)

25% taxes
35% savings
15% rent
25% other expenses

Other than not being stupid enough to grossly overpay for a house, I don’t see why we couldn’t spend 50%+ of our gross income on a house.[/quote]

If you use that break down, once you go to 50% (35% savings + 15% rent) for a home payment, you don’t have any savings, i think 35% for housing is a safer number

[(former)FormerSanDiegan]

[quote=jameswenn][quote=beanmaestro]I have to admit, I don’t really follow the logic in these limits. Our expenses break down more or less as follows (well, before we bought a house)

25% taxes
35% savings
15% rent
25% other expenses

Other than not being stupid enough to grossly overpay for a house, I don’t see why we couldn’t spend 50%+ of our gross income on a house.[/quote]

If you use that break down, once you go to 50% (35% savings + 15% rent) for a home payment, you don’t have any savings, i think 35% for housing is a safer number[/quote]

But you forgot taxes. Your taxes will be reduced in that scenario, so it might be more like …

20 % taxes
10% savings
50% Housing
25% other expenses

Though I would not advocate spending that much on housing.

[(former)FormerSanDiegan]

[quote=jameswenn][quote=beanmaestro]I have to admit, I don’t really follow the logic in these limits. Our expenses break down more or less as follows (well, before we bought a house)

25% taxes
35% savings
15% rent
25% other expenses

Other than not being stupid enough to grossly overpay for a house, I don’t see why we couldn’t spend 50%+ of our gross income on a house.[/quote]

If you use that break down, once you go to 50% (35% savings + 15% rent) for a home payment, you don’t have any savings, i think 35% for housing is a safer number[/quote]

But you forgot taxes. Your taxes will be reduced in that scenario, so it might be more like …

20 % taxes
10% savings
50% Housing
25% other expenses

Though I would not advocate spending that much on housing.

[(former)FormerSanDiegan]

[quote=jameswenn][quote=beanmaestro]I have to admit, I don’t really follow the logic in these limits. Our expenses break down more or less as follows (well, before we bought a house)

25% taxes
35% savings
15% rent
25% other expenses

Other than not being stupid enough to grossly overpay for a house, I don’t see why we couldn’t spend 50%+ of our gross income on a house.[/quote]

If you use that break down, once you go to 50% (35% savings + 15% rent) for a home payment, you don’t have any savings, i think 35% for housing is a safer number[/quote]

But you forgot taxes. Your taxes will be reduced in that scenario, so it might be more like …

20 % taxes
10% savings
50% Housing
25% other expenses

Though I would not advocate spending that much on housing.

[(former)FormerSanDiegan]

[quote=jameswenn][quote=beanmaestro]I have to admit, I don’t really follow the logic in these limits. Our expenses break down more or less as follows (well, before we bought a house)

25% taxes
35% savings
15% rent
25% other expenses

Other than not being stupid enough to grossly overpay for a house, I don’t see why we couldn’t spend 50%+ of our gross income on a house.[/quote]

If you use that break down, once you go to 50% (35% savings + 15% rent) for a home payment, you don’t have any savings, i think 35% for housing is a safer number[/quote]

But you forgot taxes. Your taxes will be reduced in that scenario, so it might be more like …

20 % taxes
10% savings
50% Housing
25% other expenses

Though I would not advocate spending that much on housing.

[Author]

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