Mrs. Dan and I, as IT professionals, make a nice living. If we spent what the mortgage company said we “could afford” we would have a significant mortgage payment and a house easily 3x-4x what ours is worth. No thanks. That's also why, when I called our mortgage broker when we were buying the house in Indiana, I asked he he thought there would be any issues with qualifying for a mortgage on it and he laughed at me.
Just because you can doesn’t mean you should. -D > On Apr 28, 2021, at 7:26 PM, Curt Raymond via Mercedes > <mercedes@okiebenz.com> wrote: > > That was for double digit interest payments though right? > When we bought in 2006 I think the smart money was suggesting 3x income. The > bank said we "could afford" 4x but I refused that idea. > -Curt > > On Wednesday, April 28, 2021, 7:23:58 PM EDT, Rick Knoble via Mercedes > <mercedes@okiebenz.com> wrote: > > In high school economics, I learned the rule of thumb for affording a home > was two and a half times your annual income. For a $300k home, that is > considerably more than $40k. > > > Rick > > From: mercedes@okiebenz.com > Sent: April 28, 2021 4:44 PM > To: mercedes@okiebenz.com > Reply-to: mercedes@okiebenz.com > Cc: d...@penoff.com > Subject: Re: [MBZ] New Okie Acres > > The City of Flagstaff requires builders to earmark a certain percentage of > new construction as subsidized housing (they have a better term for it, I > don’t recall what it is) that can only be sold to City employees at a reduced > amount. I looked at a couple of the homes being built in a subdivision that > has homes in the $400k-$500k range, pretty typical for the market, and the > cost to City employees for one was around $300k. Add to this down payment > assistance and $10k in a down payment “grant” that is forgiven after 10 years > in the property and it’s almost affordable for someone making $30k-$40k. > > -D > > > _______________________________________ > http://www.okiebenz.com > > To search list archives http://www.okiebenz.com/archive/ > > To Unsubscribe or change delivery options go to: > http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com > > > _______________________________________ > http://www.okiebenz.com > > To search list archives http://www.okiebenz.com/archive/ > > To Unsubscribe or change delivery options go to: > http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com > _______________________________________ http://www.okiebenz.com To search list archives http://www.okiebenz.com/archive/ To Unsubscribe or change delivery options go to: http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
