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gmakerley · Posted: Fri Sep 25, 2009 3:15 pm Post subject:

conservative, you're blessed to have such little debt. in all honesty, 36% ratios were not the cause of our mortgage problems in the last few years. there's much more to it than that. much, much more.

in fact, for many, many years 36% was the maximum allowable, and it worked out pretty darned well for a long time. when property values began to escalate and the no-documentation kind of loans came into vogue, that ratio went the way of the wagon train. i don't disagree with your advice - it's stellar.

and i know you can't fathom it...but you are truly the exception to the rule. congratulations on that...i wish i could say the same thing right now that you said.

sheryek · Joined: 21 Jan 2010 Posts: 1 1.11 Dollars($)

i wpuld like to buy a hpuse near my son for health reseans

gmakerley · Posted: Fri Jan 22, 2010 4:39 pm Post subject:

shery, you need to give us more information in order for any of us to help you out.

eric1 · Posted: Fri Jan 22, 2010 5:31 pm Post subject:

This forum could use spell check too

Guest

nice rant, but that is pretty narrow minded. i just graduated from school, and have 400,000 in student loan debt. i make roughly 11,000 a month before taxes. thank goodness for the new repayment program, which caps my monthly repayment at 15% of income (IBR), (otherwise it would be about 40% of my income). My payments for the student loan end up being roughly 1500/month. Me and my wife have car payments equal to about 700/month, but have no other debts. Based on this ratio, I should only qualify for a 250,000 home (with 50,000 down and accounting for PITI.) My payments would be roughly 1800/month (30 fixed). So, what do i do with the rest of my money? So far as i can see, i make 11,000 a month, live in a very average home, and have 7000 a month left over? So, can you fathom it now? There is alot of different people out there with alot of different situations, so lets not group everyone in together huh.

gmakerley · Posted: Sun Apr 04, 2010 5:16 pm Post subject:

jb123, to whom are you referring when you say "nice rant?" the posts on this thread go back quite a while, and there's not been new content of any real sort since september of 2009. it's hard for anyone to follow your final commentary without knowing the reference point. thanks.

Guest

i had put the name of the person i was responding to in the subject line...tx conservative. they had wrote:

This 36% debt ratio is rediculous and I can't believe banks are approving loans for those who wish to carry this much debt. Maybe that's why the country is having financial challenges. I'm at a 9% debt ratio and can't fathom what the banks recommend.

ADVICE: Pay off your debts, save a minimum of 20% for a down payment, save for a 6 month emergency fund, and then buy a house.

gmakerley · Posted: Sat Apr 10, 2010 4:42 pm Post subject:

oh...gotcha...thanks for the explanation...i typically don't read the subject lines in responses because they are usually in response to the general topic; and so many address the recipient in the body of the response. i hadn't quite figured it out yet...so thanks.

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