Reply to There is no housing bubble in the DC area so get over it

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]

I'm sorry, but that's complete nonsense. My wife and I were approved for a $550K mortgage on a combined income of $110K, with 5% down on a conventional 30-year fixed. Highest midpoint credit score was 680. This was operated through BofA. It took them four hours to pre-approve. If that's what you're considering "very qualified" then I have to question your sanity.[/quote]

just curious - what did you do with that?  Did you buy lower?

We had credit scores in the 700s, a slightly higher HHI and the guy running our numbers said we could handle 2 mortgages totaling $650K.  I told him he was nuts.  Sure, if we cut our savings entirely, but no way could we have easily made house payments of close to $4K on a salary like ours.[/quote]

We're still looking and renting, I'm not convinced this market is right for us...it's way too temporary in nature (contracts getting shorter and shorter). I've lived here for a decade, married five years ago, and now have a kid, so I've seen this market through different "eyes"...quite frankly, the DMV is nuts and does not feel like a good bet for a long-term thing. Way too much is built on overly complicated notions and people assuring themselves that "nothing could go wrong here"...seemed optimistic as a kid, now as an adult...seems delusional.[/quote]

Good luck to you.  We were lucky that we were able to sell a previous property for a profit and put that money towards a downpayment on the next one.  We had hoped to move out of state at that point, but my husband's job field just isn't readily available anywhere else.  So, we bought a house and we will stay.  We didn't stretch to our absolute limit and we feel pretty secure in our jobs.  We figure if we get into a situation where we can no longer afford our mortgage, it means the entire country has gone down the tubes and we won't be alone.[/quote]

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