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Originally Posted by Benzadmiral
It should be based on NET, not gross. How can you use money you don't have (because The State took it away before you ever saw your check)?
One-fourth of take-home pay in a month -- one week's earnings -- is all you should ever have to spend on housing. The 31 and 46% figures are insane. No wonder everybody in America is in debt up to his eyebrows.
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You can rewrite the current FNMA guidelines anytime you wish.
I'm simply citing the current practices........and MM has shown you that they are more liberal than my statements.