Hi Blind community, looking to buy my first house in sometime. I have not started any process apart from looking at Zillow and Redfin listing. Wanted to understand how much cash should have for a 1.2M house assuming a 15% down. I am unaware of all the hidden fees and general rule of thumb for amount of cash I need to spend when I buy a house.
Household TC 350k #housing #mortgage
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I would put 50k just in case for unforeseen repairs after closing
-6 months backup fund to get loan approved- can do 401k short term loan
-get pre-approved and know the loan limit. If you plan to buy a house higher than the loan limit, the difference amount.
-Account for immediate taxes for short term gains
-Try to keep money for unknown repairs.
- And few months savings for cushion, which you can slowly grow again.
General tip - make sure your loan agent knows your immigration status and get a good home warranty