No Shirt, No Shoes, No Mortgage

40% downpayment? Thats just $800,000 I need to save.

Posted by: guest at May 19, 2008 9:00 AM

where are all the people who have been saying how easy and cheap it is to get a mortgage? no more BS posts about that k?

Posted by: guest at May 19, 2008 9:12 AM

The key is credit score folks if you have a 750 credit score, banks want to do business with you. The porblem is banks do not want to take a chance on an irresponsible person.

Get your credit score up - way up, and you will be fine. Live week to week and pay your bills late, well maybe you shouldnt be in the market for a mortgage.

Posted by: guest at May 19, 2008 9:16 AM

Considering the incredibly wide incidence of fraud in the mortgage market up to now, it's no surprise the banks are leery to lend to anyone with less than peerless credit.

Additionally, one could look at the 40% down payment requirement as a protection for the banks against a (clearly) falling housing market. If you're already 40% into a property, you're less likely to be willing to walk away or go upside down on your mortgage. Smart.

Posted by: guest at May 19, 2008 9:16 AM

We've gone from giving anyone who could breath a mortgage to giving nobody a mortgage.

I have a self-employed friend who is buying a house and stating his income. But he has a credit score of 790 and is putting $425,000 down on an $850,000 house. He is getting the total run around from the mortgage brokers, and cannot qualify for a good rate.

Bankers are stupid. Period.

Posted by: guest at May 19, 2008 9:25 AM

shout out to The what..you will all see what he has been talking about now..

Posted by: guest at May 19, 2008 9:27 AM

"Bankers are stupid. Period"

There is definately truth to that. Plus there is going to be alot of "Stupid" unemployed people around soon...No mortgages means no need to have them around.

Posted by: guest at May 19, 2008 9:29 AM

Did The What just shout himself out at 9:27? LOL.

Posted by: guest at May 19, 2008 9:32 AM

"The key is credit score folks if you have a 750 credit score, banks want to do business with you. The porblem is banks do not want to take a chance on an irresponsible person."

No. You're wrong. My spouse and I have credit scores well over 750 and enough cash in the bank to buy the $2M property we're looking at outright. But it needs a construction loan because it can't appraise as habitable and 3 different mortgage brokers couldn't get one. So, it's not just about the worthiness of the buyers. It's about banks that have just removed many types of loans from their product line.

Posted by: guest at May 19, 2008 9:46 AM

Shanhn you can not get a 30 year fixed jumbo for that rate. No matter what sort of credit score you have. You are out of touch with reality

Posted by: guest at May 19, 2008 9:46 AM

OK, my wife and I make a combined 200K. We have 100K in the bank. Our FICOs are both over 750.

Howzit lookin?

Posted by: guest at May 19, 2008 9:53 AM

"I'm refinancing my house right now, and I've had two brokers tell me how difficult the marketplace is. But then when I went directly to a few different lenders and applied myself, I was offered terms that the brokers told me were no longer available."

Shahn Andersen you have two sides to Mortgage lending, the retail and wholesale. Right now Banks are cutting out Mortgage Brokers and offering better deals (No Points, Free Closing costs etc.). That's why the Mortgage Broker couldn't find you a better deal.

The situation with Mortgage lending has been going on for the last 7 months. I know you find it hard to believe but, its a nightmare out there. No jumbos under 8%, 20% required on most Mortgages and strict lending guidelines.

If you believe the worse is over, you haven't seen nothing yet! Remember the BOND market sets rates. The 10 Year Treasury is tied to 30 year Mortgage rates. Plus when the Bond market gets tried of the BS interest rates are going to the moon.

"other banks are still offering 5.625% on a Super Jumbo with a credit score underr 700 on a 5 year ARM. They also have 30 year rates in the mid 6's."

This statement shows the ignorance of people! Shahn Andersen if you look at the guidelines of this product, you will see a float cap of 5% and a reset schedule of every 6 months! Also you will have to "Buy Down" about 2 points to get this deal. They told you that crap to get you in the door. Last thing of you need a Arm to get in , you can't afford the place!

"Did The What just shout himself out at 9:27? LOL."

No dumbazz, I'm The What, I don't have to "shout out to myself".

The What (The party is getting started)

Someday this war is gonna end..

BTW What a wonderful economy 4.11 for Regular!

Posted by: guest at May 19, 2008 9:54 AM

9:53 you can get about 500,000 right now. You dont have enough cash

Posted by: guest at May 19, 2008 9:57 AM

In typical banking fashion they'll punish today's borrower for getting yesterday's hooked on crack. The horse is way out of the barn though and they're going to eat billions. The problem is that they end up taking it back from different people than they gave it to.

Posted by: guest at May 19, 2008 10:00 AM

"So, it's not just about the worthiness of the buyers. It's about banks that have just removed many types of loans from their product line."

Ding ding ding!!! Yes folks we have a winner!!!! This going to kill this Mutant Real Estate Bubble people!!! The products have been yanked off the selves! just a year ago they had products like this: 100% financing stated income stated assets stated wage earner! This was the crack product of Mortgage Brokers and they made tons of money off of it. But the defaults was running at 50% on these products and the banks have a flag pole stuck up their asses. First payment defaults was highest among this group too. now there is no more crack and the ride is over!

The What

Someday this war is gonna end...

Posted by: guest at May 19, 2008 10:02 AM

10.00 - thats because the people they gave it to have already spent it on plasma TVs, SUVs, in-ground pools and candy.

Posted by: guest at May 19, 2008 10:04 AM

9:12....

Did you ever think that people on this website have in fact had good luck with getting mortgages because we are financially stable??

My credit score is over 800. I've had ZERO problem getting a mortgage, as I suspect can be said for others who are buying 2 million dollar homes.

Posted by: guest at May 19, 2008 10:19 AM

Back to bricks and mortar. Good credit score, cash in the bank, verifiable income and assets, you can get a mortgage with a good rate. Missing one of those, continue to pay rent.

Posted by: guest at May 19, 2008 10:29 AM

10:19 you are living in the past. Large mortgages are almost unavail. right now even with 800 + score. And if you are buying in certain areas that have been flagged. You may not be able to get it even with 40 percent down. You have no clue

Posted by: guest at May 19, 2008 10:30 AM

There is something real funny about this post! Where are the Asshats??!! No one is going to make a argument for higher prices?! No one is going to say "Real Estate only goes up"?! Where is these guys???!!! Come on, The What wants to see you! Where are you!! Housing Bulls come out to playa.......

The What

Someday this war is going to end.....

Posted by: guest at May 19, 2008 10:32 AM

I do have a clue in fact.

We just recently signed a contract on a home in Park Slope and were approved last week.

You simply need to look harder than you once did to find these mortgages.

But Americans are lazy.

Posted by: guest at May 19, 2008 10:33 AM

We went to an open house a week ago for Park Slope brownstone. We bid asking price and lost the house to a higher bidder. I don't see what you see, The What. I see that it's happening in Lodi, but I don't see it happening here.

Posted by: guest at May 19, 2008 10:35 AM

Ok, this is no fun anymore. I've posted three incredibly humorous and intelligent posts and nobody is responding to me. The only love I've gotten is one paltry shout out this morning.

Where is the love? Have I become that irrelevant?

The What (boo hoo)

Someday this war is going to end.....

Posted by: guest at May 19, 2008 10:36 AM

someday this war is "going" to end...

FAKE!!!!!

Posted by: guest at May 19, 2008 10:36 AM

.........real estate only goes up and up!

Posted by: guest at May 19, 2008 10:37 AM

Damn, i amz irrelevant when da only comments i gets is about my sign -off!

The What

Someday this war is gonna end...

Posted by: guest at May 19, 2008 10:41 AM

10:33
I get a lot of gratification knowing that you just signed.

Posted by: guest at May 19, 2008 10:41 AM

BREAKING NYTIMES NEWS:

NEW YORK (Reuters) - Stocks rose on Monday as a key economic forecasting gauge suggested that even though the economy was weak, it has averted recession, easing worries about the profit outlook.

Take THAT, The What!!!!

Posted by: guest at May 19, 2008 10:45 AM

"We went to an open house a week ago for Park Slope brownstone. We bid asking price and lost the house to a higher bidder. I don't see what you see, The What. I see that it's happening in Lodi, but I don't see it happening here."

I will bet you very soon you will be happy that you lost out.

BTW The FED and your Government is making loans now, not the banks. The bank blew their wad months ago and thank GOD the FED has stepped in.

I see fools still want a piece of the American Dream. That's OK homeboy keep running out there to buy a house. The What wants you to make the worse decision of your life. Become a debt slave!

Fools suffer gladly.

The What (Ha hahahahahahahah)

Someday this war is gonna end...

Posted by: guest at May 19, 2008 10:45 AM

ummm...no recession, the what.

see that.

things are not even close to as bad as you said.

you predicted a depression.

we have a week, non recessionary economy.

you are WRONG.

admit it you ignorant slob!

Posted by: guest at May 19, 2008 10:53 AM

Ok Posted by: guest at May 19, 2008 10:53 AM

Here we go! This weekend clinton hill was a ghost town. People cannot afford to drive. Gas is at 4.11 for Regular and 4.67 for high test! The restaurant "Le Monde" to one on Clinton and Fulton was empty Friday And Saturday nights! Go there and ask the owner of there is a "week, non recessionary economy". Go to Flatbush Ave and ask the store owners if there is a "week, non recessionary economy"! Go to the Gas Station owners and ask then if we have a "week, non recessionary economy" Go and ask the Car Dealers if we have a "week, non recessionary economy". Go stand on Vanderlt and Atlantic and observe if we have a "week, non recessionary economy"! Go to Target at Atlantic mall and see if we have a "week, non recessionary economy"!

Ether you are a troll of real stupid! I hope you are a troll. Yep, keep praying!

The What

Someday this war is gonna end.....

Posted by: guest at May 19, 2008 11:03 AM

Only stupid one I see here is the What.

Posted by: guest at May 19, 2008 11:07 AM

A recession is two consecutive quarters of negative growth.

Apparently 'the What' doesn't like the dictionary when it doesn't fit his or her desired narrative.

The economy has slowed significantly, but we aren't the free-fall Great Depression mode that 'the What' seems to be suicidally orgasmic for.

Posted by: guest at May 19, 2008 11:15 AM

The "What's" posts are totally fake! Dont beleive it, it is just some poser.

We can totally tell it is not you - Give it up and get your own signature...Loser

Posted by: guest at May 19, 2008 11:22 AM

“Propaganda is the deliberate, systematic attempt to shape perceptions, manipulate cognitions, and direct behavior to achieve a response that furthers the desired intent of the propagandist.” – Garth S. Jowett and Victoria O’Donnell, Propaganda and Persuasion

You can read it here -->http://wallstreetexaminer.com/blogs/winter/?p=1655

"A recession is two consecutive quarters of negative growth."

Nope dumbazz, a Recession is when people don't have money to spend. If every thing is Okey Dokey, why is the Governments is sending people money to spend?! Inflation is killing the CONsumer and things will not get better untill we have a asset crash. I hope the Bulls are out front and center when this thing blows up in their faces!

I will be long flagpoles!

The What

Someday this war is gonna end....

Posted by: guest at May 19, 2008 11:36 AM

I can't stand the What.

And the revised numbers say that the economy grew at .9% last quarter.

Not great, but DEFINITELY not a recession.

And most CERTAINLY NOT a depression.

Posted by: guest at May 19, 2008 11:37 AM

"And the revised numbers say that the economy grew at .9% last quarter."

Really????!!!!! And commodity prices was up 25% is that period!!!! I would say that's NEGATIVE growth! I tell you what please go to your local pizza shop and ask the owner "How much did flour prices go up" ? I suggest you duck after you ask this question. Food and Gas is thru the roof and sad enough you don't get it!!!!

I'm going out and don't worry I will close the door behind me.

The What

Someday this war is gonna end...

Posted by: guest at May 19, 2008 11:46 AM

Keep saying that $2m dollar loans aren't available Mr. What. You're wrong as usual. I just closed on one that is fixed for five years for six percent and I have a credit score of 660. Lazy people might give up when a broker lies to them, but If I can find a mortgage, anyone can.

Posted by: guest at May 19, 2008 11:54 AM

I didnt say $2m dollar loans aren't available dumbazz. I said, "a Recession is when people don't have money to spend. If every thing is Okey Dokey, why is the Governments is sending people money to spend?!" Why is you can't get that through your mind? Mybe you will when the sh!t hits the fan !

The What (I think)

Someday this war is gonna end...

Posted by: guest at May 19, 2008 12:16 PM

sh*t isn't going to hit the fan.

things are calming down.

and i just got a raise.

eat vegetables, the what. they are cheaper than rice and flour.

and that way, you won't be such a fatass loser.

Posted by: guest at May 19, 2008 12:41 PM

You really shouldn't be calling people dumbasses when you type "commodity prices WAS up".

Posted by: guest at May 19, 2008 12:43 PM

"You really shouldn't be calling people dumbasses when you type "commodity prices WAS up"."

Ok, A$$hat. Why doesn't you stick to the points and Lodi, NJ, recession, depression, oil prices, ghetto, punk@ss, blah blah blah

The What

Someday this war is gonna end...

Posted by: guest at May 19, 2008 12:51 PM

"Here we go! This weekend clinton hill was a ghost town."

I own a business on Myrtle and we had a good day on friday, a very good, strong day on Saturday and a very good strong 1/2 day on Sunday but when it started raining it slowed down. We were closing up the shop on sunday when the rain stopped ~I noticed the avenue was busy again.

Both gas stations on Myrtle do not seem any less busy

$4+ is a sticker shock for gas but lets get real - Americans have just gotten used to cheap gas prices. Compare gas prices in the 70' & 80's to prices now, adjust for inflation and the prices are more or less the same . Also, unless you are driving an SUV or a truck , your gas mileage is much better then any car from 70's and most cars from the 80's.

Posted by: guest at May 19, 2008 1:03 PM

The restaurant on Clinton and Fulton may suffer more from poor location or something than anything else. Recently tried to go to Bonita and Luz at 630 on Saturday and couln't get in. The real name is Autour du Monde I think; anyone have any experience with it?

Posted by: guest at May 19, 2008 1:11 PM

A gallon of gas in any country in Western Europe is approximately $8.00-10.00.

This is nothing new for countries that are more sophisticated, greener and more culturally sound than the United States.

I'm hoping as this country matures, we will fin d ourselves finally starting to pay attention.

This country is more emotionally bankrupt than it is financially.

And that's the REAL problem here that no one seesm to want to admit.

Never before in history would people give credence to someone like The What. America was founded on optimism and the notion that with hard work, you can do anything. You know...that whole American dream business.

So remember every time you praise The What, you are being Anti-American, in my opinion. Now, I'm not the most patriotic person by any means, but I'm definitely not Anti American.

I find this crap about seeming to be EXCITED about the prospect of our country failing to be disgusting, repulsive, ignorant and very VERY WEAK.

What ever happened to thinking that we will pull out of this just fine, just has been the case of all of American History up until this point??

What would anyone here want to hope people fail. People like the What need to go try living in China, or Sudan or Cuba or Burma or South Africa for a little while then come back and tell me what you think of this f*cking mutant real estate bubble!!!

Posted by: guest at May 19, 2008 1:12 PM

what a bunch of crap 1.12 its unpatriotic to short sell? and i thought they wore little stars and stripes on their sleeves down at the stock exchange as they gladly sell you a lot of overpriced crap that could very possibly end up in the crapper when people start to realise they have no more home equity to spend and that the government has spent a little bit to much that they do not have. i pity the tax burden that our next generations will have to bear because of our recent fiscal mismanagement.

Posted by: guest at May 19, 2008 1:24 PM

People are not particularly exited about America failing, they are very exited about people who they perceive to be doing better than them in some area getting their comeuppance.

Posted by: guest at May 19, 2008 1:32 PM

In retrospect I have to say the What is partially right and if this trend continues he will be completely right sadly. I am looking to buy in FG and have 115K down payment on a 950K place with an income of 275K and above average credit but cannot find a decent mortgage. Things are tough folks..I may have to hold back for a while even though the wifey is 2 months pregnant.

Posted by: guest at May 19, 2008 1:32 PM

1.32 - thus causing their exit?

You are way too exited. Calm down and buy some Cs.

Posted by: guest at May 19, 2008 1:34 PM

"Ok, A$$hat. Why DOESN'T you stick to the points"

Jeeze, there's no hope.

Posted by: guest at May 19, 2008 1:36 PM

"the wifey"?

Posted by: guest at May 19, 2008 1:37 PM

You make $275k a year and have saved only $115k for a downpayment? The economy isn't why you can't buy a place 1:32, it's your conspicuous consumption. Quit renting a place in the Hamptons every summer and save your money and you can afford to buy in Brownstone Brooklyn. Geez.

Posted by: guest at May 19, 2008 1:40 PM

1:32 you and the "wifey" need to stop being so lazy. mortgages are there for people who do a little research.

as if your post isn't a total fake.

Posted by: guest at May 19, 2008 1:43 PM

"Is all this a necessary correction, or has the pendulum swung too far in the other direction, making home ownership unattainable for a huge segment of the population?"

The former. The pendulum has not swung too far. In fact, it hasn't swung far enough (market hasn't stabilized yet). It's the crack-is-wack sale prices that have made home ownership unattainable for the "middle" class, let alone the masses. The pendulum swinging the other way was an inevitble consequence and serves to make prices correct where they should be which is obviously far lower than prevailing comps.

Fear follows greed follows fear... The pendulum will swing like this forever. No free lunch for greed. It has to be paid for. A significant price collapse is the cost.

Posted by: guest at May 19, 2008 1:44 PM

Seriously, If I were making 275K a year, I'd be able to save 115K in two years.

Nor would I necessarily expect my first home to be a million dollars.

Posted by: guest at May 19, 2008 1:45 PM

LOL... Why do you hate America, The What?

Posted by: guest at May 19, 2008 1:46 PM

"Bankers are stupid. Period."

Wrong choice of word. The proper word is AFRAID. Period.

Posted by: guest at May 19, 2008 1:47 PM

Just read today, they are expecting the NYC price correction to top out at 15%.

Not the end of the world, by any means. Said prices should begin to increase (although more slowly) by 2009.

Posted by: guest at May 19, 2008 1:52 PM

"Just read today, they are expecting the NYC price correction to top out at 15%."

Exactly who is they? What's their track record for predictions?

Posted by: guest at May 19, 2008 1:58 PM

Okay, RICH and AFRAID. Fear protects their profits.

Posted by: guest at May 19, 2008 2:00 PM

1.45, its not so easy to save that in just two years. For a start, you are paying hi marginal tax rates, so say you are only taking home 66% of your income. Then say you are paying 3500 rent for 24 months, utilities and eating out a little, 2 vacations a year, running a car (none of these are unusual things in Brooklyn), buying work clothes etc. You'd probably not be near 115K in two years. You could live frugally for two years, but really, whats the point of not-living your life just so you can buy a brownstone?

I think your second point is right - don't expect to buy a $1mil house, set your sights cheaper.

Posted by: guest at May 19, 2008 2:07 PM

even when a source posts facts about how hard it is to get a morgage the people on this board are in denial. To me that says this is going to be a very bad downturn. I think many people here are overextended and about to have to make some tough choices. I think all the real estate gurus are about to learn that leverage goes both ways

Posted by: guest at May 19, 2008 2:17 PM

Saving 115k when you are making 275k is not easy, that income range gets killed by AMT and if you are renting in NYC you will be lucky to take home much more than 55% of what you earn. That said, given the mortgage market right now you are going to be hard pressed to find someone to loan you 880k with only 115 down. Unless you put 20% down a loan of that size is going to be very hard to come by. With that downpayment and income you would be fine in the 600-700k range but getting close to a million is really pushing it. It's this mentality that got the market in all this trouble to begin with, people buying what they couldn't really afford

Posted by: guest at May 19, 2008 2:19 PM

considering that many people live on 40K a year, making 275K and only saving 115K of that in 2 years means you are living quite extravagantly. spending 3500 a month on rent is obscene to me.

Posted by: guest at May 19, 2008 2:21 PM

In retrospect I have to say the What is partially right and if this trend continues he will be completely right sadly. I am looking to buy in FG and have 115K down payment on a 950K place with an income of 275K and above average credit but cannot find a decent mortgage. Things are tough folks..I may have to hold back for a while even though the wifey is 2 months pregnant.

Posted by: guest at May 19, 2008 2:39 PM

1:32 here, I neglected to say that the 115K i have is from saving for only about a year.. now how about that 1:40. I also have grad school loans so you see 1:40 is a moronic fool who knows nothing about me and makes judgments. And 1:43 do you have a clue what the income tax bracket is for someone making 275K in NYC?
2:19 thanks for educating some of thees ignorant shpos......medical lingo :)

Posted by: guest at May 19, 2008 2:56 PM

No, of course he doesn't know what the income tax paid on a 275K salary in NY is. All he hears is that the "rich" get "tax breaks", have "tax shelters", pay proportionately less tax than he does. and just stick it to the poor guy. After all, thats what his buddies tell him. Its true isn't it?

Posted by: guest at May 19, 2008 3:02 PM

"spending 3500 a month on rent is obscene to me."

Uh, what city do you live in? Seriously?

People don't like to admit this, but most people who rent have been given the following choices:

1. Rent a place you like in a neighborhood you like.

2. Buy a place you like in a neighborhood you don't like.

3. Buy a place you don't like in a neighborhood you like.

4. Buy a place that seems OK without even being sure if you like the neighborhood because you've been scared into thinking prices are going to go up forever and this is your last chance to buy! Buy!! BUY!!!!

There are people who will scream at the top of their lungs that options #2 and #3 are always better than option #1, but they are wrong. Some of them are just so in love with ownership that it clouds their judgement. Others do understand but are just lying for whatever reason (usually money).

The people who scream for option #4 have a name. And that name is "realtor".

Posted by: guest at May 19, 2008 3:27 PM

"Some of them are just so in love with ownership"

And this will probably always be the case for mankind.

That's why 70% of the U.S. and other developed countries own their own homes.

You can fight it all you want, but it's human nature.

Posted by: guest at May 19, 2008 3:55 PM

Yeah, it sure sucks 3:55 to be able to make your own decisions about what happens to your home. I'd much prefer some nameless faceless landlord deciding what color my hallways are painted and who gets to live above or below me.

Posted by: guest at May 19, 2008 4:01 PM

4:01, if you buy a condo, how much control do you really have over the hallways and who gets to live above and below you?

Posted by: guest at May 19, 2008 4:04 PM

Much more than you do as a renter, which is none at all.

Posted by: guest at May 19, 2008 4:13 PM

Really? As a condo owner you find that you get to pre-approve your neighbors before they are allowed to settle on their apartment?

lmao

Posted by: guest at May 19, 2008 4:16 PM

anyone who uses "lmao" has an IQ of 50.

or is 14.

Posted by: guest at May 19, 2008 4:24 PM

"A gallon of gas in any country in Western Europe is approximately $8.00-10.00."

Do you why? Because the extra taxes support free health, stupid! America is the ONLY industrized country without free health care. Every Asshat parrots this BS but don't know why!

""Here we go! This weekend clinton hill was a ghost town."

I own a business on Myrtle and we had a good day on friday, a very good, strong day on Saturday and a very good strong 1/2 day on Sunday but when it started raining it slowed down."

Did I say anything about Myrtle Ave??????!!!! Please read my posts and I'm glad (No BS) you are doing well. I hope this continue for you!

The What (yep, that's him officer!)

Someday this was is gonna end...

Posted by: guest at May 19, 2008 4:30 PM

you haven't been to clinton hill, the what since you were locked up.

i hear they have internet in prison now. learning anything??

Posted by: guest at May 19, 2008 4:36 PM

4:24, it makes me lmao when people talk about IQ and age on the internets

We're all dogs anyway, what difference does it make?

Posted by: guest at May 19, 2008 4:39 PM

4:39 = ashlee simpson

Posted by: guest at May 19, 2008 5:04 PM

just a question: refering to some earlier post about most people make around 40k a year. how much does someone who makes this amount of money pay in taxes. thanks.

Posted by: guest at May 19, 2008 5:14 PM

just a question: refering to some earlier post about most people make around 40k a year. how much does someone who makes this amount of money pay in taxes a year? thanks.

Posted by: guest at May 19, 2008 5:14 PM

A person Making 40K a year in NYC probably pays very little in income taxes. Of course if you are talking about a couple and or a person with kids, the only tax liability would be social security and medicare - about 7.65% of income.

For a single person, the effective income taxes beyond that would be based on the # of deductions, tas credits, etc. On average, probably 10-15% including state and city tax.

Posted by: guest at May 19, 2008 5:30 PM

40K a year = roughly $500 a week, after taxes.

Posted by: guest at May 19, 2008 5:34 PM

5.34 - you are way off, you are applying a far too high rate.

Posted by: guest at May 19, 2008 5:42 PM

i think i know how much i bring home a week...

Posted by: guest at May 19, 2008 5:55 PM

5.55 - you may bring that home, but if you get a tax rebate at the end of the year, you were paying too much tax. Let us know.

Posted by: guest at May 19, 2008 6:04 PM

5.55 - even assuming a "worst case" scenario of you being single and having no children, you are paying too much tax for your income level. You need to work out why they are deducting too much. You're not including transit check/401k etc I assume.

Posted by: guest at May 19, 2008 6:07 PM

i am not including transit check or 401 because we are not offered those through our place of employment.

so no.

500 ish per week is correct.

i get a small, sometimes $1200 or so refund come tax time.

so if you want to divide that up, it's roughly 525 per week for a 40K a year salary.

trust me. and yes, i'm single, no kids. you are forgetting that both new york state AND city take taxes. it all adds up.

Posted by: guest at May 19, 2008 6:26 PM

If single and renting, you should effectively be taking home about $570 per week. Did you round down bigtime?

Posted by: guest at May 19, 2008 6:27 PM

I'm not forgetting state or city taxes, I calculate taxes all the time. You are paying too much (if you include a $1200 rebate) about $40 per week too much. $565 is more like it.

Posted by: guest at May 19, 2008 6:37 PM

yeah, i rounded down a bit.

it's best to underestimate when giving advice like this in my opinion, than over estimate.

Posted by: guest at May 19, 2008 6:43 PM

Hey What, can you put me up for a few days?

I lost my home. I have perfect credit and lots of equity in my house, but the bank just threw me out. They said The What told them the mutant housing bubble needed to pop and they were choosing me because I live in a ghetto and The What decided he wanted it back so he could live amongst his own trashy kind.

Can you find it in your @$$hat to put me up for a few days before I slink back to Lodi with mommie and daddie and live off of them? I promise to take my medication everyday, make up stories of impending doom for years to come and always use spell check.

What do you say?

Posted by: guest at May 19, 2008 8:08 PM

zzzzzzzzzzzzzzzzzzzzzzzzzz

Posted by: guest at May 19, 2008 8:20 PM

Thank you for the enlightening post, 8:20.

Posted by: guest at May 19, 2008 8:31 PM

Past your bedtime 8:20?

Posted by: guest at May 19, 2008 8:32 PM

100!

Posted by: guest at May 19, 2008 8:34 PM

This is the way that the thread ends
This is the way that the thread ends
This is the way that the thread ends
Not with a bang but a whimper

Posted by: guest at May 19, 2008 8:56 PM

Given your post, 8:56, you are correct.

Posted by: guest at May 19, 2008 9:30 PM

Hey Twat, let'

Posted by: guest at May 19, 2008 10:45 PM

"A recession is two consecutive quarters of negative growth."

No. A recession is the process of receeding, not some formula to plug bogus government numbers into. I can't believe people fall for this garbage. Sheep.

Posted by: guest at May 20, 2008 12:03 AM

12:03: you are an idiot and not an economist.

Posted by: guest at May 20, 2008 10:47 AM

"Baaaaggghhhh...baaaaaggggghhhhh...baaaaagghhhhh..." - 10:47

Posted by: guest at May 21, 2008 11:44 PM

Tried to read all these posts, but my cousin is a realtor and just referred us to Brian Scott Cohen of Wells Fargo. We are purchasing a 3 family house. The purcahse price is 2mill. I just got aproved with a commitment in 48hrs from Brian 718 780 9132 at Wells Fargo. I had no trouble and I am getting 85% financing. Call this guy his service is impeccable and he works longer hours than anyone

Posted by: guest at June 17, 2008 9:38 PM