House affordability
TC 650+k 401k 70k Cash 190k RSU 300k Stocks 20k No other loan. Single person earning. Wife take care of family and preparing teacher certificate. Two kids. Lifestyle below average. Avg 3k total monthly expense. Moved to USA in 2019 and have 80+ lakh in Indian equity fund. Please help me understand what house range am I qualifing? I am thinking of buying 1.3 million house. Area: Bellevue/bothell/Redmond Preference :Bothell north creek area.
goals, how did u get that tc
Lenders typically use base for lending unless you have been with the same company for 2+ years receiving RSUs, then your RSUs may qualify for about 70% of their value. You also haven't told us about your net worth and assets. Just fill in a pre-approval if you want a more accurate estimate.
Why is 401k+cash so low if you make 650k?
Because he just came to US in 2019. There is only that much we can contribute per year 😅
He did good since he came to US in 2019.
3k total monthly expense with 2 kids????????? WHAT? I am doing something very wrong then, or I need to leave the Bay area 😭
OP, honest opinion - you should not buy a house until your wife starts working. Continue Renting a house. If you need space, go for townhomes. Renting with a fixed monthly amount is different than owning a house that comes with a lot of extra costs, sometimes all of a sudden.
Don't go by our Indian mentality of 'owning a house'. A House should qualify as a good investment and you should evaluate it without any emotional attachment.
Even she star working, she will make max 2k month
Use mortgage calculator. Enter how much you’re willing to put down (10 or 20%). If the house is 1.3 mil, see if you’re comfy with that monthly mortgage,
As sole earner I'd make sure you have 1-2 years worth of emergency fund (not in stocks) to cover all expenses (mortgage plus everything else) before home purchase, especially in current job+real estate markets with increased uncertainty levels. Also, keeping so much net worth in a single stock (RSUs) is a lottery ticket that could evaporate any moment. Not something I'd be comfortable with personally.
YoE?
14 yoe
What is your budget like?
3k expense for groceries and 1k for random stuff.
Hiw secure is your job? Why buy now?