No Shirt, No Shoes, No Mortgage
It’s getting more and more difficult for would-be borrowers in the New York region to get a mortgage, according to an article in yesterday’s Times. Mortgage brokers say many lenders are refusing loans to applicants with credit scores that are below the 680-700 range. Stated-income loans, meanwhile, are basically history, and people with lower credit…
It’s getting more and more difficult for would-be borrowers in the New York region to get a mortgage, according to an article in yesterday’s Times. Mortgage brokers say many lenders are refusing loans to applicants with credit scores that are below the 680-700 range. Stated-income loans, meanwhile, are basically history, and people with lower credit scores have to pay much bigger down payments. To add insult to injury, loans are coming with more fees nowadays, especially for those with less-than-pristine credit. One financial analyst says loan applicants with credit scores below 720 and down payments of less than 40 percent face fees between .5 and .75 percent of the loan amount. 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?
Lenders Raise the Bar [NY Times]
Chart from The New York Times.
Thank you for the enlightening post, 8:20.
zzzzzzzzzzzzzzzzzzzzzzzzzz
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?
yeah, i rounded down a bit.
it’s best to underestimate when giving advice like this in my opinion, than over estimate.
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.
If single and renting, you should effectively be taking home about $570 per week. Did you round down bigtime?
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.
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.
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.