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ArcticFox2014 t1_iui7ebl wrote

TLDR: transplants who are willing pay more way more than 50% of their income on rent to live in Manhattan and Hipster Brooklyn are lying to landlords “out of necessity” to get their dream apartments

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_Maxolotl t1_iujbzu4 wrote

One of my least favorite parts of NYC is shitty people who snidely call newcomers "transplants" in a city that has 300 foot statue standing in front of it above a plaque with a poem that says, in essence, "all are welcome, please come here".

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spulet t1_iujsglp wrote

Sounds like the kind of thing a transplant who doesn’t know what her books read would say

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_Maxolotl t1_iuju980 wrote

I was born here, and my family has been here since 1854. I'm sixth generation. My kid is seventh. And I work five blocks from where my great grandfather worked.

And based on all my NYC cred, I get to declare your position on this matter is trash.

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elizabeth-cooper t1_iuk39et wrote

That poem is about poor and embattled refugees, not college graduates from Ohio.

Based on my ability to read and 90 years of my family in Brooklyn.

Give me your tired, your poor,

Your huddled masses yearning to breathe free,

The wretched refuse of your teeming shore.

Send these, the homeless, tempest-tost to me,

I lift my lamp beside the golden door!"

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sr71Girthbird t1_iuj0xfd wrote

I lied (in cooperation with my work) on my mortgage last year since the banks would only take my base pay into account when determining eligibility. Base pay is about 40% of what I get paid and my commission is extremely consistent since everything is paid out over the course of 12 months. Boss wrote a letter for me saying I was getting a raise, extra equity etc, put it on a company letterhead and signed it. Basically said I made 60% more money base and had a 20% variable commission instead of the 50% base 50% variable which is the actual target structure assuming I don't exceed sales goals.

I bought completely within my means but the banks were not having it based on my actual pay structure.

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ComplexKodak t1_iuj42yw wrote

That's nice of them but silly that you can't use something like a tax return to prove your AGI

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sr71Girthbird t1_iujpq7h wrote

Yeah though it was odd because I had read the standard was that commission income was counted if you could prove last 2 years, while I had 4 years of steadily increasing income at the same company. First lender went to said they basically instantly discount all commission based W2's by 40% regardless.

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Scout-Penguin t1_iujiwd1 wrote

What the hell kind of mortgage was that?

I have a jumbo loan where bonus income was accepted without a blink; and conforming loan standards allow commission or bonus income that's stable over a two year period.

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sr71Girthbird t1_iujoxyv wrote

Mine was jumbo as well, Citizen's Bank ended up not having an issue once I submitted that letter which essentially counted as written verification of income and employment, but a couple other lenders wouldn't even give pre-approval.

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Scout-Penguin t1_iujpodq wrote

Variability in underwriting standards is definitely a thing. I went with Wells Fargo and it definitely helped to have a mortgage banker that was prepared to go toe-to-toe with the risk/underwriting team at various points (I didn't have a "seasoned" credit file at the time I was looking to buy) but bonus income was not one of them for me.

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