RIP Philo

morgage stories in manhattan

from nytimes...

"Buyers like Lee and Kimberly Au had to adjust their expectations. The Aus wanted to buy a one- or two-bedroom condominium costing $800,000 to $1.25 million at the Atelier on West 42nd Street, now that their 8-year-old son has a modeling contract in New York. But they quickly learned that they could no longer get 100 percent financing, even though Dr. Au makes more than $700,000 a year as a surgeon in Hawaii. So the couple settled on a $625,000 studio and used $62,500 in savings for the down payment."

The guy who makes $700,000 a year and can't find 125K for down payment?  Strange.
Permalink bob 
March 31st, 2007 11:16pm
"The client, who would not agree to be interviewed, is the information technology director for a global financial company who was seeking a $550,000 mortgage to buy an apartment in Greenwich Village.

He had excellent credit and had been working in the industry for 13 years, but the underwriter in Florida who was reviewing the file did not believe that his job would pay $156,000 a year in salary and bonuses."

Information Technology DIRECTOR. Only 156K. Andthe underwriter didn't believe it.  I guess director could be a bullshit title.
Permalink bob 
March 31st, 2007 11:17pm
"Since Labor Day, Ellen Kapit, an agent with Sotheby’s International Realty in Manhattan, has been trying to sell her two-bedroom co-op in Midtown for $1.375 million so that she can buy a smaller apartment in her building. She has also been trying to sell a house she owns in Southampton for $875,000.

She found a $995,000 house in Sag Harbor that she thought might be easier to rent out when she wasn’t in residence. She wanted to get a 90 percent mortgage until she sold her apartment or the Southampton house, or both. She didn’t expect any difficulties, because she has an excellent credit score in the mid-700s and annual income of more than $100,000 a year."

She makes around 100K but has over 2MM in real-estate? I guess that's what being a real-estate agent is all about.
Permalink bob 
March 31st, 2007 11:21pm
Soon they'll only be giving mortgages to Buddhists and Hindus because one reincarnation will be nowhere near enough to pay off the mortgage.
Permalink Send private email Stephen Jones 
April 1st, 2007 1:00pm
"The guy who makes $700,000 a year and can't find 125K for down payment?  Strange."

Actually, it's not. The people who you think are rich are usually in hock up to their eyeballs.

Read "The millionaire next door". They interviewed like 10,000 people with $1M+ net worth... in 1996 (when the book was written), the average millionaire:

- Drove a large american car (Chevy Caprice, Ford Crown Vic) or pickup truck
- Lived in a 2,500 square foot house
- Took one vacation per year
Permalink Send private email Duff 
April 1st, 2007 5:23pm
what was their annual income? I agree if you're making $700K and don't have $125K for downpayment, wait a year. And like do your own house cleaning or something.

I think the book was all about saving up your million but *not* being too extravagant, rather than that millionaire are piss poor (2500 sq foot home sounds large though).
Permalink Send private email strawberry snowflake 
April 1st, 2007 8:09pm
>>I guess director could be a bullshit title.
Likely, but if he really did make 156K it's easy enough to prove. In fact, providing proof of your income is a pretty  standard requirement in a mortgage application.
Permalink LH 
April 2nd, 2007 9:28am

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