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You saved up $120k living in the Bay Area? Impressive
Having rented out my personal home for a year and then moving back in after, I highly recommend against renting out a place you plan to live in.
A lot of people are really dirty. Even after we had the house professionally cleaned after, we really didn't want to live there again. I mentioned this to 2 friends that have rental properties and they both said they wouldn't live in their rentals because of the same.
I have a more conservative position than most, but I’m budgeting ~30% of the home’s value in cash prior to pulling the trigger as I save for a home purchase.
20% down payment + 5% closing costs means you need 25% just to close the transaction.
On top of that you need cash to furnish the place + extra cushion so you don’t “close broke”. This is more nuanced as it depends on what you are comfortable with, I am just assuming another 5% on top of the aforementioned 25%.
In your case, a 60k down payment means you’re looking at a 300k house. 120k in cash should be more than enough backing assuming that is what you’re looking at.
Bought my place with just 3% down. Sure i pay pmi but my monthly still comes out less than rent would be. Don’t stress too much about 20% down. Just crunch the numbers and see what makes sense for you. While you’re saving for the downpayment, home values may continue increasing.
I 2nd this, I just bought my first home with 5% down. I had about 20% in cash total, but wanted to make sure I had a strong emergency fund and money for furnishing. Home values are increasing a lot in my city so I didn’t want to wait. I also have roomates who are helping pay the mortgage. I wouldn’t have gotten that money if I didn’t buy early.