Housing down payment
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
1. save 2. borrow and cross fingers
Sell stock m8
What’s m8?
Mate
3.5% downpayment.
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.
Start with smaller homes / townhomes, build equity then move to bigger / better homes.
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?
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.
How do you save 200k per year ... do you rent or own a house?
When did you buy your house- after how many years of prof experience?
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)
Use money?
TC? YoE?
What’s TC and YOe?
Total compensation, years of experience.