I was reading in a Fannie Mae packet I got about buying homes/mortgages that no more than 28% of total gross monthly income should be spent on housing expenses and no more than 36% of gross monthly on for total expenses. I was trying to figure this based on our income if we bought a $400K home and it just didn't seem possible!
skprmiss
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Re: How true is this for those who own on LI?
Don't feel weird - that is not us at all...
'12 the amount of times we zero out our bank accounts each year' - Bonnie Hunt, Cheaper by the Dozen
IrishBride-05
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Re: How true is this for those who own on LI?
We're at about 27% but only because the house is going to need a lot of work and we'll definitely go over that once we're done
Preshy7
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Re: How true is this for those who own on LI?
were at exactly 28% but dont worry- were spedning about 30k on fixing it- thats $ that we did not put down so in the end were higher
LMFitz
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Re: How true is this for those who own on LI?
I haven't calculated where we fall - but I don't think these sorts of estimates can hold true on LI. They are probably national statistics, with some areas falling above the 28% figure, and some below it.
dgtlsunshine
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Re: How true is this for those who own on LI?
We are at 32%. Dont remind me.
nov2004bride
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Re: How true is this for those who own on LI?
We are at about 28%. It's still going to be hard
SeptemberBride03
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Re: How true is this for those who own on LI?
We're at 20% not including bonuses that we get semi-annually. So we fall within the reccommended range, but all our savings were put toward the down payment and closing costs and our 'extra' monthly income will be going into furniture, accessories and building a deck - so it will still be a while until we have a nest egg again!
