ST Alpha - "mortgage lenders traditionally used 31% of gross pay as their template," (Reading a Post)

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In response to "so since st is smart. I am trying to look for a new place to live, and looking at prices etc, is there a % of your income that " by tRuMaN

mortgage lenders traditionally used 31% of gross pay as their template,

Posted by decline (aka Decline) Feb 18 '09, 05:58

but that can equate to close to 50% of net pay for many people.

I would say you need to do a budget and determine what will work for you and then see if those numbers meet with what is out there.

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sigh. I never end up following a budget - tRuMaN Feb 18, 05:59 1
- yeah, I don't follow one either, but when I had to find a rental after selling my house I was able to ballpark it - decline Feb 18, 06:03

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mortgage lenders traditionally used 31% of gross pay as their template,

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