Getting mortgage working in private companies
How do employees at Airbnb, Uber, Lyft etc afford mortgages in this market if their RSUs are not public and banks don’t consider them liquid to compute DTI? Do most folks rent?
Buy within your means. I don’t even consider my stock one purchasing homes. I’m still able to buy a single-family house in the bay area.
We buy using the base salary. You can buy a condo instead of a house.
They get paid a lot. It’s not hard to get a $1m+ mortgage if you’re a dual-income couple making $350-500k/yr with no other debt. $1m loan at 4.25% (30 Year) is $5k/mo. You only need to be pulling in $12.5k/mo after tax as a household to get to DTI requirements for that loan.
Try first republic bank. They have been known to give consideration to stock awards, including Mr Zuckerberg's.
That's the down side of working in a private company. Most of my co-workers either rent or bought a condo. I recommend working in public company and buying a home before coming to a private company.
Fair point but there are folks at FAANG who make about 60-70% of their comp through RSUs