Well in order to get approved on a lease/mortgage you would have to clear 3 times what the monthly payment would be....I think. I know that's how it is for a rental agreement.
Wrong..........depending on if you are conforming or non conforming. Mostly what is looked at is the backend DTI(Debt to income) on conforming they like 40-45% of your income tied into bills and living expenses...........on nonconforming they go up to 65%...........
a lot of it has to do with compensating factors........such as credit/checkings and savings accounts/401ks/other assets/mortgage or rent history/job history
Originally Posted by puffy
you are looking atleast 2/3 of your paycheck going to mortgage, about half if renting
Uhh no...........I pay about 2/3 on my mortgage that I did on my apartment
lets just say i've purchased a couple of properties. i go to school fulltime. i dont make a lot of money. the key is to find roommates *hint hint
Werd...........I have 2 roomates paying me 550/month apiece and my actual mortgage payment is 500/month and taxes and utilities.........I am gaining equity in my house and living there for free
I spend about $100 a week on food. Cars are both paid for. Still doesn't leave hardly anything. I bought the house because my GF and I were living in an apartment. So the first 3.5 years we were living in it together, and spliting all the bills 50/50. I had a lot of money to play with then. Now, I can make it on my own, but it's not that easy. I have to watch what I spend $ on now. Thank god a friend of mine is renting a room from me starting on friday at $400 a month, and we are splitting utilities. That'll definitely help.
Drop me an email
Owning a house is a billion times better than renting and there is no way to cut it. All of you renters should go out and buy homes!
509/month mortgage, 1100/month in rent...........4-10,000/month take home
