Location I am considering in Seattle suburbs Reach: Lynwood, Bothell, Mill Creek, Everett Strech: Eastside - Bellevue, Kirkland, Redmond, Sammamish House type: Single family home 3B+/2B+ Purchase horizon: Late 2023 - Early 2024 Details about myself: I am a single male in early 30s. On H1B. No partner for now, but ideally would want to settle down in next 2 years and depending on partner have a kid in next 4-5 years Total Compensation: ~198k Base: 162k Annual Bonus: 16k (10% assumption) Stocks: 20k (includes joining stocks/4 + refresher stocks) Financials: Net worth: ~260k 401k: 60k Investments (Individual Stocks/ETF + ESPP): ~70k (as of date) Checking Accounts: 30k Savings account (HYSA - for part of down payment) ~78k Emergency Fund- 20k No student debt, no car payment, no credit card debt (all credit cards paid fully every month) Expenses (for now): 3k/month For house downpayment (of 20%) would ideally rely on Savings+Checkings+ Majority of stock investments Any advice would be appreciated. Thank you! #mortgage #housing #seattle #tech
What is your level at MS?
$600k would be my limit.
For the debt or for value of the house?
You're not getting anything on the Eastside with those bedroom reqs. 500-600k max, maybe an apartment or townhouse. Interest rates will eat you alive along with HOA fees.
I agree with you. Hence it is under the stretch category wherein i would either have to budge on the type of property or have a really high monthly mortgage. None are ideal in the current scenario.
I would never buy a house if I’m on a non immigrant visa in any country.
That’s almost too far out with interest rates and house inventory changing around to have a real idea of what u can afford
Why guess? Why not to ask a banker/ loan rep? Consider about 1 mil for a decent house for your reach and 1.5-2 for the stretch area
Banks will always try to loan you more money than you can comfortably handle. Pretend you do not have RSUs and borrow way less than what you are pre-approved for.
Banks would always push you to borrow more. My idea for this post is to learn from people's experience to not run into a situation of being house poor. I am already pre-approved and think they might just be pushing that.
400k, however I recommend renting. Buying assumes you’ll be there for 5+ years and given you’re an unmarried H1B it seems like an unwise investment. You’ll do better living cheap and taking income that would have been put into a mortgage into equities/bonds
Get the fuck out of Seattle and move to Bay Area first
It depends on your tolerance, but PITI + HOA should not exceed 25-33% of your pre-tax *cash* HH TC.
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