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Originally Posted by JSH
Personally I would never take out a mortgage that was 50% of my net income. They are estimating a payment of $2185 a month which likely includes taxes, insurance, and PMI.
How does someone that is paying 50% of their income on a mortgage afford to do the maintenance on a house? Or eat for that matter. When the furnace goes out and a new one is $7,000 - then what?
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Exactly. My rent is a lot less than that.
Quote:
Originally Posted by redpoint5
I don't know how that housing program can require people to have less income than would qualify for a loan to purchase it.
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Maybe they're looking for people that make $45,000 to $55,000 per year and also have $150,000 to $300,000 saved up for a down payment?
Quote:
Originally Posted by redpoint5
All that said, in general I'd be fine having half my income go towards a mortgage, taxes, and insurance because I'd rent out spare rooms, and I would make sure I lived in such a way that made rooms available to rent.
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I wonder if there's anything in the covenants that would prevent that somehow. If the maximum income of the household is X amount, what happens if you add more people? Say a lady makes $50,000 per year and after moving in invites her boyfriend who makes $100,000. Then what?
At any rate, I don't see me renting out the other room of a two bedroom when I still have children living at home.