Can we afford this?

Sep 24, 2020 71 Comments

Can we afford to buy a 1.4-1.5M home in the Kirkland/Redmond/Bellevue area?
We have enough saved up for a 20% downpayment and about $500K more in liquid savings outside of our 401K. 9 month old baby and the apartment feels very congested.

Total household compensation ~400K
Both of us have around 8 YOE #mortgage #housing

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TOP 71 Comments
  • New
    zonU20

    New

    zonU20
    Congratulations on such a successful life
    Sep 24, 2020 7
  • Oracle
    amibabaji?

    Go to company page Oracle

    amibabaji?
    Show off!
    Sep 24, 2020 13
  • Vudu
    SqSJ45

    Go to company page Vudu

    SqSJ45
    That was sarcasm. op has 500k liquid after 20% down on 1.5 M and already has looked over 100 houses and still don't know if he can afford it. No offense but either you are a troll or zero sense on investing.
    Sep 24, 2020 5
  • Why don't you rent? I rent in Sammamish for 2.6k, 3 bedroom house, plenty of space. Rents are going to be low because less tenants out there.
    Sep 24, 2020 2
    • That’s a very reasonable rent, paying close to 3K for a cramped 3 bedroom apartment close to campus. So not worth it, since the only advantage this place offered(proximity to work) isn’t a consideration anymore
      Sep 24, 2020
    • Yeah, give yourself some option. Rent for a year. Worse case you find a house and forfeit some of the rent.

      Right now landlords are happy to get Microsoft tenants. You ca even negotiate a flexible lease
      Sep 24, 2020
  • New
    ocean.

    New

    ocean.
    You can afford, but only pursue if you have great job security. Also, you should look into Chase or Citi 15% down. No mortgage insurance if you meet certain qualifications. Might make the monthly a bit higher but would give you some additional breathing room.
    Sep 24, 2020 3
    • Oracle / Sales
      deez🥜

      Go to company page Oracle Sales

      PRE
      Google
      deez🥜
      Citi 15% down program is great, the 35 day close is not. We put in a few offers with that pre-approval and got our asses handed to us. If you can find a place that’s been sitting awhile and where the seller is desperate, you can make it work. Otherwise you’ll get beat out by people coming in with 18-21 day close (or 7-10 if they’re all cash).
      Sep 24, 2020
    • On jumbo loan I don’t think you’ll get <21 day close. Your 15% down payment does look weak to seller, unless you waived the appraisal contingency.
      Dec 13, 2020