The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: fatty who wrote (5447)	9/19/2002 6:00:58 PM
From: Lizzie Tudor	Read Replies (2) of 306849

>I guess the old standard of 25% of your gross was an outdated idea and we're in a new paradigm. Now it's okay to use 50% and more of your gross and put 0 to 5% down. With all these dirty cheap products available from walmart, kmart, target etc. It is actually possible to use 50% of your income for mortgage and still live a passable life. My biggest complain is that while everything else in life is getting cheaper (relative to income), real estate isn't. I hope this post isn't sarcasm... I actually agree! 10K/mo income, w/5k per month mortgage payments, leaving 2-3K mo discretionary seems just fine to me. Not financially prudent, or anything, but manageable. The old 30% mortgage rule along with the "jumbo loans" over 250K need to be rethunk. Jumbo is over 500K around here. (I think RE is headed for a nasty fall, I just wanted to comment on what I consider to be outdated ratios) Lizzie

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