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One thing we really should take a look at while our government is spending itself silly is our part of the US National Debt. Roughly, with 200 million taxpayers, our debt is $50,000 per person. Most home loans depend on the income of two people so that is an extra $50k for a total of $100,000 that is NOT figured into the home loan calculus. I know, why make it harder? My point is not to make it harder, but illustrate how much debt we are in.
If you included all the "off budget" stuff like Social Security and Medicare and other payments the government has promissory notes out on, the total debt starts creeping toward the $50 trillion mark. This startling number puts the tax debt per taxpayer at a quarter of a million dollars.
If you had to include THOSE figures on your home loan application, no one would be buying a home these days.
God help us if China decides to devalue the dollar. If it does, well, my calculator doesn't go that high.