this post was submitted on 29 Aug 2023
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A Boring Dystopia
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It is where I am, and the issue is indeed finding a house to match your income since the prices are going up everywhere. I think it is insane when families buy a 1 million $ home with a $200,000 income. But that is still cheaper then them renting and if the bank uses say a 30% of income rule then very few qualify.
What % of renter income is rent? Does anyone care?
I'm house hunting. I bought a foreclosure in 2008 and fixed it up and will have 160k for a down payment when it sells.
Despite this, my mortgage (plus taxes) will be AT MINIMUM 55% of my income. I have a very wide area I'm looking in and my requirements are small - 2+ bedrooms and a garage. The only homes in my budget need more work than I can afford.
I got pre-approved for a mortgage up to 75% of my income. Pair that with the layoffs happening around the country and we're poised for another crash which is exactly what corporate buyers want.
Sounds like the crazy lending during the sub prime boom. Not saying you are a bad bet but that seems like a crazy risk.
That's what I'm saying!! When my broker told me that I couldn't believe it. They know my income and banking balance, why on earth would they offer that loan?
But banks aren't stupid. Foreclosures are good for them in the long run and they know it.
When I was younger I worked at a bank (regional office doing loan verification of all things) 2009 ish and I can tell you banks can be and are often stupid, foreclosures are not good or wanted, but most of all the incentives for individuals don't line up with the banks overall best interest.
I know of people paying 70% plus and sharing accomidation, shits rough and getting coarser.