Housing down payment

New / ProductCrumbs
Apr 14 32 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 32 Comments
  • LinkedIn stuffy🐷
    You make 260K for 4 years and have no cash? You should save at least 100K a year, preferably 150K a year. My household make 400K and we save at least 200K a year.
    Apr 147
    • 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
    • LinkedIn stuffy🐷
      We own our house. We made 410K and we have about 290K left after taxes. We spend about 70K per year on housing and cars and only spend about 20K per year on everything else.
      Apr 14
    • New / ProductCrumbs
      OP
      When did you buy your house- after how many years of prof experience?
      Apr 14
    • LinkedIn stuffy🐷
      2 years ago we bought, after 2 years of working with some help from parents. We have already paid back our parents now.
      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
  • Nvidia coolpm
    Start with smaller homes / townhomes, build equity then move to bigger / better homes.
    Apr 143
    • New / ProductCrumbs
      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
  • Google go ogle
    1. save
    2. borrow and cross fingers
    Apr 140
  • Facebook
    maco

    Facebook

    BIO
    .
    macomore
    Sell stock m8
    Apr 144
    • New / ProductCrumbs
      OP
      What’s m8?
      Apr 14
    • Cadence / Productluna.
      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
  • 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 140
  • Apple rsmu83la
    TC? YoE?
    Apr 144
    • New / ProductCrumbs
      OP
      What’s TC and YOe?
      Apr 14
    • Lyft graveler
      Total compensation, years of experience.
      Apr 14
    • New / ProductCrumbs
      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 / Designowo;
      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
  • Cisco / Data
    ohno!

    CiscoData

    PRE
    Intel Corporation
    ohno!more
    Buy in Tracy, Mountain House or Gilroy
    Apr 141
    • 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
  • Facebook public2
    Use money?
    Apr 140
  • 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 140
  • Google 1234-/:;(
    Marry rich partner
    Apr 150
  • eBay mSQG77
    Don’t buy go for rent
    Apr 140
  • Adobe uhrC86
    Live in a van like everyone else.
    Apr 140
  • Lyft graveler
    3.5% downpayment.
    Apr 140

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