patrick.net

At $36k a year, they can get loan ~ $200k if they have good credit. It depends on where the home is. $200k can get you very far in Oakland.

So, how much the bank gave him? Is his 36000/yr income gross or net?
And what the hell this guy is whining about? Any link?
Crazy things happens in crazy times, and I guess this is one of those things.

And, Vain. For that 200K figure, are you talking about now or back then?

My guess would be when he was approved for his mortgage he was making substantially more than 36k a year, but in the new landscape of part time employment and unemployed people taking jobs that pay a lot less he is now making 36k a year.

seaside says

And, Vain. For that 200K figure, are you talking about now or back then?

$36k for a $200k 30 year fixed loan at current rates.

Back then it seemed income didn't matter. I knew someone who was able to get a $740k in the form of 2 loans in 2005/2006 with $50kish income. Of course there was lying involved.

That's why I want to see/read what's happened myself.

Is it current rate? I never checked it since 2004. I thought it usually is about 3X of income w/ full doc and fair credit score though, I guess there still is some ways to go arrount it.

NINJA loan and piggybagging was everwhere back then, and even a laborer who can't speak english could get a loan. But you know, this is freakin stupid. Then, they're crying as if they're innocent.

seaside says

Is it current rate? I never checked it since 2004. I thought it usually is about 3X of income w/ full doc and fair credit score though, I guess there still is some ways to go arrount it.

I agree with 3x of income should be the maximum loan as well. But with low interest rates like this, I suppose it is possible for a $36ker to pay off a $200k loan. It may take all 30 years @ ~$1000/month. But it is doable if you have no lapses in employment for the next 30 years.