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Since the census department puts home ownership in the US at approximately 64% already, I don’t believe many people are running out to buy a new $300K house. I’m sure many of the currently owned are valued above $300K and many below.
In order to qualify for a mortgage on this home – which would be priced at $303,000 at the national level – Zillow estimates that a buyer would need to earn a minimum estimated annual income of $45,260.
This estimate assumes that the loan is a 30-year, fixed-rate mortgage with a 10% down payment and a 4.5% interest rate, and considers the restrictions given by 43% debt-to-income ratio rules, which prohibit borrowers from accumulating debts that exceed 43% of their monthly income.
There are credit requirements and also they would need $30,000. I doubt 60% of Americans have both of those also.
And why are we giving loans with 10% down? The next recession and a whole new crop of people will be underwater.
There are credit requirements and also they would need $30,000. I doubt 60% of Americans have both of those also.
And why are we giving loans with 10% down? The next recession and a whole new crop of people will be underwater.
Will we ever learn.
You seem to not understand how capitalism works. We give loans to people who can't handle them because it's profitable. It's a legal Ponzi that dumps the bad debt on the taxpayer. Pure genius. Everybody makes a ton of money in the short term except the public. Salesman with morals and principles? Bwahahhahahahahaha.
Then, in my view, you have absolutely no business being qualified for a home mortgage. My "metrics" are called being responsibly prepared to own a home and all the repairs, maintenance, etc. that goes with it. Not to mention losing a job or an unforeseen emergency. No wonder so many don't take it seriously and walk away when things get tough. Pathetic!
What about areas that don't have a lot of rentals? There are areas throughout the country where there's just not a lot of apartments or houses for rent. So should people be homeless?
What about areas that don't have a lot of rentals? There are areas throughout the country where there's just not a lot of apartments or houses for rent. So should people be homeless?
If you are in an area with nothing to rent, move. I seriously doubt you have a job qualifying you for a mortgage in an area with no rentals. If that's not the case, buy what you can afford to pay back. It's pretty straightforward.
Last edited by Sharpydove; 09-21-2017 at 04:49 AM..
Uh nope. You will be hard pressed to buy a home with 10% down at 300K and a salary of 45K. First you are going to need PMI, with only 10% down. Most Americans do not have 30K saved , Next car payments and credit card payments and taxes.... A 270 K mortgage is 1300 at 4%, PMI is going to be near 175 a month. Taxes will be 250 a month , insurance will be 100 a month. 1825 right now. Add a car payment, you are well over 50% , Not gonna happen.
Uh nope. You will be hard pressed to buy a home with 10% down at 300K and a salary of 45K. First you are going to need PMI, with only 10% down. Most Americans do not have 30K saved , Next car payments and credit card payments and taxes.... A 270 K mortgage is 1300 at 4%, PMI is going to be near 175 a month. Taxes will be 250 a month , insurance will be 100 a month. 1825 right now. Add a car payment, you are well over 50% , Not gonna happen.
Why would I as a primary lender care about all that? In a few months that loan will be sold and I laugh all the way to the bank. If it can get past underwriting........
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