With my peanut TC, I am priced out of pretty much all desirable areas.
I don’t see us doing over 3K per month mortgage payments. That puts me under 600K. If I need to stretch to 650K - 700K, what would be the best option.
Edit:
Location: PNW
RSU: About 500K, all MSFT
Edit2:
Down payment cash saved up: 60K
Edit3:
Since this post is getting some traction, adding few more details about my finances:
I put 15% in ESPP, match 401K pre tax limit and contribute to HSA. These are good investments but the take home is around 5K per month. The car payment and other expenses can’t be brought under 2K per month. This is unfortunately the lowest I and my wife could be making. We just want to lock a sane interest rate + house price and pay 3K on mortgage while being house poor until she gets her EAD.
We might request for some money from parents in India as gift towards either the down payment or monthly payment (maybe 20K).
TC: 160K, single income, wife waiting for EAD
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comments
If you can rent for the same value of interest +prop tax then renting might be a better option.