If banks will not lend more than 22-28% of their income for mortgage, how can you possibly buy PPL $ 1mil + houses?
Does this applies to home mortgages $ 1 million +? Say you want to buy a house for $ 3 million. When I used the Bankrate calculator, the monthly payment came to about $ 20,000. If the 22-28% rule is applied to gross revenues, which have at least earn $ 70,000 - $ 90,000 per month which equates to $ 840,000 - $ 1,080,000 ONE YEAR. I know you do not have to win big to buy a house for $ 3 million, so I guess that 22 to 28% rule does not apply above a certain price. What is the price, and where I can read more about buying expensive homes in detail? Thank you!
They have assets I guess!
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This post was written by admin on September 3, 2010
