patrick.net

I'm sick of competing with idiots. The fact that tax dollars will ultimately go to support people like this just adds insult to injury.

I think part of the problem with the lenders is that they look at gross income, not take home pay. Assuming that she takes home 2/3 of her gross pay per month after taxes, her gross monthly pay would be $3705, and 1328/3705 = 35.8%; on the upper end of what banks limits on payment to income ratios.

"The monthly payments on her debt amount to $1328. Her income is $2470, leaving her with just $285 a week to live on. She's paying 54% of her income to make the mortgage payments. She earns that income by holding down one full time and two part time jobs. Obviously, this woman has a strong work ethic. But it also means her income is precarious. With unemployment still rising, she obviously should be worried about losing one of her three jobs. A loss of one of them would likely leave her unable to make the debt payments."

Fuzzy math.

My concern isn't so much with the home price $183K is alot... But not a McMansion... My concern is more along the lines of the "attitude" of the 20 & 21 year-old homebuyers... They both firmly believe a house is a magical investment that should and will become a wealth machine for them. They also talk about buying more houses as investments... Thankfully i don't believe FHA would be able to help them with buying a 2nd home...