Housing down payment

New / Product Crumbs
Apr 14 30 Comments

How to afford housing down payment in Bay Area?
- first time home buyers, been in the US for 4 years.
- total annual household income $260K

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TOP 30 Comments
  • This comment was deleted by original commenter.

    • New $€£
      Lol wut... That $260k after taxes is going to be about $185k. Assuming rent is around $3k a month, you are already down to under $150k. And there are many other expenses that will reduce that number by a good amount. $100k is achievable, but definitely not $150k as suggested by you.
      Apr 14
    • Intel restlesss
      How do you save 200k per year ... do you rent or own a house?
      Apr 14
    • New / Product Crumbs
      OP
      When did you buy your house- after how many years of prof experience?
      Apr 14
    • Unity gxte56
      You achieved what you did "with help from parents"

      You need to check your smug attitude. Not everyone has Mommy and Daddy giving them Bay Area down payment money
      Apr 14
    • Google 1234-/:;(
      @unity then dont buy.
      Apr 15
    • LinkedIn / Eng jet la
      What an idiot, giving advise here after borrowing money from parents
      May 2
  • Nvidia coolpm
    Start with smaller homes / townhomes, build equity then move to bigger / better homes.
    Apr 14 3
    • New / Product Crumbs
      OP
      Even smaller homes have about $150k min downpayment which seems so high. What’s a good price range to look for for smaller homes, condos or townhomes?
      Apr 14
    • Amazon Redux
      Saving takes years, unless you have some lump sum coming in through stocks.

      You should save 20-40k cash a year, and you can have down payment in a few years easily. You don’t need to put 20% down, not much people are doing so nowadays.
      Apr 14
    • Nvidia coolpm
      Welcome to Bay Area, people will buy even a shed if it is marketed as home. With four years earnings, it might be tough but have seen people doing with proper planning. Also most people don’t buy theirs within four years of coming to US (except if they bring money from overseas or earn crazy here), in your case with a year of planning you can definitely put aside some money for a 0.8 - 1.0 million home with 10% down. But not sure if you can wait for a year 🤷🏻‍♂️
      Apr 14
  • Facebook
    maco

    Facebook

    BIO
    .
    macomore
    Sell stock m8
    Apr 14 4
    • New / Product Crumbs
      OP
      What’s m8?
      Apr 14
    • Cadence / Product luna.
      Mate
      Apr 14
    • Facebook Probe
      BMW M8 Gran Coupe, so maco is suggesting selling it stock if you have one.
      Apr 14
    • Postmates setamtsoP
      Lol seems like OP is new to internet. Doesn't know TC, yoe, m8
      Apr 14
  • Google go ogle
    1. save
    2. borrow and cross fingers
    Apr 14 0
  • Pandora joystick
    You can easily save 50-70k/year with this TC if your goal is to save for down payment. In 3-4 years you will be able to buy with 20% down (and your TC will go up too to along with housing market assuming no recession)
    Apr 14 0
  • Cisco / Data
    ohno!

    Cisco Data

    PRE
    Intel Corporation
    ohno!more
    Buy in Tracy, Mountain House or Gilroy
    Apr 14 1
    • Google go ogle
      A friend of mine used to brag a lot about the nice big house they bought in Tracy. A few years later they live in a condo in bay area.
      Apr 14
  • Apple rsmu83la
    TC? YoE?
    Apr 14 4
    • New / Product Crumbs
      OP
      What’s TC and YOe?
      Apr 14
    • Lyft graveler
      Total compensation, years of experience.
      Apr 14
    • New / Product Crumbs
      OP
      Annual household income $260K, YOE - both together 4 years. How does TC help here as there isn’t hard cash from it?
      Apr 14
    • Microsoft / Design owo;
      It’s something that they always ask the OP on blind regardless of the relevance to the post. Welcome to a new world my friend.
      Apr 14
  • Facebook public2
    Use money?
    Apr 14 0
  • Google praise
    Most people here get down payment money from either savings/investments or stock sale. Your total compensation would play a role in getting mortgage. As first time home buyer, you can put as low as 3% down and rest can be financed, but then you would need to pay PMI.
    Apr 14 0
  • Google 1234-/:;(
    Marry rich partner
    Apr 15 0
  • eBay mSQG77
    Don’t buy go for rent
    Apr 14 0
  • Adobe uhrC86
    Live in a van like everyone else.
    Apr 14 0
  • Lyft graveler
    3.5% downpayment.
    Apr 14 0

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