Buying a house? Do they still say buy in the range of 2.5 times you income?

Whoson1st · Jun 21, 2005

I am only allowing for the approximate 3% closing cost which a buyer must have. With no other house or cash to use; but EXCELLANT credit...are they still saying banks approve in the neighborhood of 2.5 times your income to approve a purchase?
I'm talking about a place to LIVE in ...not to make more money like some of you wealthy guys?

Holysmoke+ · Jun 21, 2005

I get loans for amounts based solely on my credit score.

It is called a True No Doc Mortgage. They do not look at income or assets or anything except score.

Stupid of them, but very true.

Whoson1st · Jun 21, 2005

Thanks HS!!! Never knew that one.

sherman · Jun 22, 2005

got bad credit? i can get you a loan w/ NO CREDIT checks, NO JOB CHECKS, nothing.....

catch?

you need 10% down and interest is 9.9% fixed for 21 years.....

not that bad a catch if your credit sucks......

TTinCO · Jun 22, 2005

I was approved for an amount that I can pretty much assure you that I couldn't afford long term. I could swear that they WANT you to default-which does actually make sense.

xpanda · Jun 22, 2005

Yep. I've been pre-approved for a mortgage nearly four times my income. I was blown away. They said it's because my current debt load is so low. Guess they want you to have an unrealistic amount of debt?

I'm willing to mortgage myself at 2 times my income, no higher. No need to make myself House Poor.

Whoson1st · Jun 22, 2005

I'm just worried about my landlord possibly putting the place I rent now for sale in the next year or so. I would be in a "pickle" to find an apartment without young folks living either over me or under me. (Been that route and at my age....no fun).
What's really crazy is that the apartments for seniors in this area that are not income realted are SKY HIGH. The ones with income restrictions, I earn a little too much to qualify.

Not a good feeling.