I am a first time home buyer, planning on buying a 870k new construction in the lynnwood area. Planning to put down 10% and finance the rest. My current TC is 160k but I recently accepted a new offer which will take my TC to 240k. I should have a six month emergency fund after I put the 10% down and about 120k in 401k. I currently rent a 2 bedroom in Bellevue area the rent of which is 3100. I can stretch the down payment to around 13% max before I start piercing the emergency funds I have. Looking at this house for primary residence and a little ROI when we move back to India in about five years or so
If things remain stable, you can do it. Enjoy life and hope for the best.
First home is always stretch! Once you have money or equity in the home, you can refinance to take out PMI.
Given low interest rate I’d go with 10%. FYI, PMI % is calculated based how much down payment you put. Sometimes $100 extra in down payment will position you in the lower PMI rates.
Example: https://www.mgic.com/-/media/mi/rates/rate-cards/71-61284_bpmi_monthly_july-2019_WA.pdf
Tech Industry
Yesterday
435
Why are you not getting the job you want?
Tech Industry
Yesterday
1687
Women, help me understand why this is inspirational
Tech Industry
Yesterday
2993
What happens when most of your team is Indian?
India
2h
237
'Hindutva': The Radical Hindu Ideology That Seeks to 'Push Christianity Out of India’
Health & Wellness
Yesterday
624
Lasik cost
Bad idea