Current Events > The DUmpster
So the Dolt45 tax plan kicks in ...
franksolich:
--- Quote ---fescuerescue (1,208 posts) Tue Mar 19, 2019, 01:00 AM
13. So it caps out at $750,000 for a home loan
That's going to put a real hurt on middle class millionaires.
--- End quote ---
--- Quote ---haele (9,322 posts) Tue Mar 19, 2019, 03:33 PM
23. With a 30 - 40 year mortgage and a hefty down-payment (usually a small inheritance or family "loan")
Lots of two/three income wage earners in California with good credit have bought houses for around $700K - $800K in high CoL locations.
A minimum wage worker will not be able to afford that mortgage, but a teacher and a CVN/nurse, or a SysAdmin and a teacher, or an Engineering Tech and a small business HR rep can usually get enough income between them to be able to earn the $100K a year - $120K a year that a 30 year mortgage and a "cash loan" from retired boomer parents on both sides to make up the 20% downpayment can get them into a nice 1200 sq. ft. California Bungelow with a yard in San Mateo or some place like that.
--- End quote ---
USA4ME:
A $1M homeowner on Skin’s island complaining about paying too much in taxes and other primitives rushing in to have their back. What has happened to the old DU?
.
Texacon:
I’ve got news for them, the rule of thumb on a mortgage is 2-1/2 times your annual income. That means you’ve got to be in the $400k/year range to afford a $1MM mortgage and that is really stretching yourself thin. Most wont venture into this waters until you’re at 1-1/2 times annual income.
I’m guessing the OP is pretty close to a 1%’er.
KC
DumbAss Tanker:
Heheh, overextended Dems in deep Blue shitholes getting screwed...I'm a happy camper!
DLR Pyro:
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