Posted by SamIam_CA on 7/31/05 10:41pm
Msg #56126

OT ? about housing costs...

Sorry to hijack the board. I tried searching on google already with no luck. Does anyone know - or know how I can find out -

What is the average % of monthly income that lenders will allow you to pay toward your mortgage in San Diego county? I believe the national average is 30%, but I'm not sure where I got this number etc.

As always - any advice appreciated!
Sam

Reply by Lee/AR on 7/31/05 11:06pm
Msg #56127

This is very old, possibly outdated info; then again, maybe not: Ratios used to be 28/38... meaning your mtg. payment should not exceed 28% of your mo. income and total debt (credit cards, car payments, etc.) should not exceed 38% of mo. income. They did allow higher % for mtg. payments IF total debt was lower than 38%. Caveat: 30% was the 'high' end; not avg. Understand, this is not engraved in stone and there are many other factors involved.

Reply by AdrianCA on 7/31/05 11:59pm
Msg #56129

Average is 38% conforming and up to 55% for subprime

Reply by Sam I am in CA on 8/1/05 10:06am
Msg #56151

Thanks Lee and Adrian - appreciate your help! n/m

Reply by Sam I am in CA on 8/1/05 10:21am
Msg #56153

Oops - forgot to check one more thing...

Is the number based on GROSS income or NET??? Thanks!

Reply by Renee/MI on 8/1/05 10:59am
Msg #56157

Re: Oops - forgot to check one more thing...

Gross.

You can 'gross up' certain incomes that are tax-exempt, in order to equalize them for qualifying purposes.

Reply by Sam I am in CA on 8/1/05 11:14am
Msg #56163

Thank you Renee!!!! n/m