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Started By
Message
re: Mortgage Amount 2-2.5x Annual Income
Posted on 4/13/22 at 2:33 pm to Leonard
Posted on 4/13/22 at 2:33 pm to Leonard
quote:
This market feels like a death trap for first-time home buyers.
For first time home buyers, absolutely.
What most people are not seeing though, is that those who are not first time home buyers, are probably putting a substantial chunk down on these 500k + homes and are not carrying full mortgages due to the proceeds from a previous home sale.
Ex) Bought a 200k house in 2012 with a combined income of 100k. Three years ago, (combined income at 180k) we sold that for 400k and purchased a new home for 550k. Currently appraises at 700k.
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