Hi Blind Fam , I am starting to look for homes to buy in the Bay Area in good school district. I was not sure what’s the typical mortgage i can be approved for . I am still in early stage and haven’t talked to a realtor nor have I got pre approval. Just trying to form my opinion and set expectations. My fixed comp - 160k , rsu - 90k with stock being down. Spouse works and earns about 80k , but I don’t want to use her income for this . I have about 150k in cash and stocks which I plan on using for down payment. 1. How much mortgage can I afford ? 2. Will the payment I get approved for from the bank includes taxes . For ex - 600 pm on taxes ? 3. Will lender consider rsu for the approval . 3. What should be logical next step assuming I am looking to buy Dec-Mar .
1. This is a very personal question and depends on how you manage your finances, how much you expect to save, spend on other things, etc. General guideline is about 30% 2. Yes 3. Yes 4. Find an agent and start looking, then when you get closer, research rates at lenders and get a pre approval.
Normally you can afford 3,5 x your base pay plus whatever down payment. You are looking into 700k that will not buy you any property in the area.
Gonna need way more for a school district. Homes in the south bay are 1.2mil+
3. According to my mortgage broker, rsu can be included after two years. So if you have let say your first 4 year grant, only if you apply at third year, then future RSU gross will be factored in.
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