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[quote=Anonymous][quote=Anonymous]Thanks for the helpful replies here.

Ultimately, once again, my take home is $20K if I do not contribute to a 401(k) and $16-18K if I do. My monthly draw is somewhat variable. Quarterly distributions all go to taxes (as I’d know, my CPAs are my own accounting firm and tell me exactly what to pay), and a big chunk of my year end distribution goes to taxes. [b]I don’t count the rest of the year end distribution for mortgage purposes because I’m not using that to pay a monthly PITI as employees typically wouldn’t count their potential year end bonus.[/b] It’s based on a lot of factors and not guaranteed. I do have cash flow spreadsheets so this is not an area of grey for me. When I contacted a mortgage lender to understand what I could qualify for, even with an 800 credit score they said 800K would be a stretch because they wouldn’t count my year end distribution either only the monthly draw.

That said, it sounds like many either had a huge down payment or family help to keep the payments down. This is helpful to understand. I have very little savings due to my divorce.[/quote]

Oh, come on.  It's not the same as a year-end bonus.  Yes, the amount is variable, but you can conservatively estimate it.  As another PP said, you are wondering how you can afford these places on $650k in HHI, but are only figuring maybe $450k in income in your calculations.  And before you say I don't understand, I do.  I understand perfectly, as do many other people here.  In fact, there's probably not a message board in the country with more law firm partners on it than this one.  [/quote]

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