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Taxes? HOI? Other expenses? We are $500K per year and $1.2M house w/ $18K taxes. Maintaining that house can/should(?) be more than a $200K house. Consider it all.
Thanks, that’s the point of these posts. To understand how others are managing ..
Ideally you should put 20% down to avoid PMI. It will also make your offer more competitive. However for my first house when I was young I only put 10% down. Talk with your real estate agent and mortgage broker. I used Quicken Loans / Rocket Mortgage for both homes I’ve purchased and had good experiences.
Keep in mind that dropping below 1mil is not going to get you out of the jumbo loan. In my state at least a jumbo loan is anything over 600k
Mentor
You can loosely use Nerdwallet for all this as a starting point, Google their “how much mortgage can I afford calculator” that has a slider which you can adjust based on the DTI risk you’re willing to take. The two biggest factors to consider are the rate and the down payment when it comes to the numbers. Then the other little stuff like your normal monthly contributions/debt come into play.
However, remember that just because your household income calculator says you can or it’s “safe”, it often isn’t for many. You have to take certain considerations into account, like how even if you’re young and healthy in your 20’s/30’s and making absolute bank together, what happens if a freak accident or something catastrophic happens to one of you? Will that one remaining person be able to hold down the fort for a bit, or in the worst case by themselves for good if the other passes on?
We are in our mid to late 30s..
There’s calculators online but be sure to also include estimated home insurance and property tax!
1mill will put you in a Jumbo loan depending on your County. You will want to have at least 6 months of Reserves ( 6 mortgage payments saved) this can be liquid or what you have vested in a 401k for example.
Income:
From there you want to take whatever your income is and times it by .45 ( 45% of your gross income ) to get what your max DTI can be . Once you have that number written down, remove car payments, credit card payments and any revolving payments from it. With whatever is left, that is the max that your mortgage payment can be.
Mortgage Payment:
You will want to take the Mortgage Payment and add your taxes and homeowners insurance to it.
Example: 800k loan ( 80% of 1mil) at 5.5 rate your mortgage payment will be around 4,542 plus taxes and insurance lets say your in Az where taxes are low , you can add another 900 dollars to the payment to be safe. Your total payment will be 5,442 with taxes and insurance.
Answer
So to answer your Question assuming you have no debt and no car payment, the minimum income you will need to make is at least 145k a year or 12,100 a month.
Or you can go with a No Income loan and take a 10% rate and qualify without the need to prove income. All you need is 20% down and 12 months of mortgage payments saved. And a 660 fico or higher.
Is having a jumbo loan a good or bad thing?should I go for something in 900s..
Its just a name for a loan that is higher than the conforming loan limits but thats all it is.
Lots of calculators can give you good answers, but if you're looking for anecdotes, I can weigh in. We bought a ~900k house this past spring and put 10% down. Rates were lower then so our monthly payment is around 4650 (3450 principal/interest, 1000 taxes, 200 insurance).
Our household income was about 275k when we bought, and is about 325k now. At 275k that payment felt a little bit tight but doable, but at 325k we feel a better and have wiggle room to invest, travel, etc.
Talk to several lenders, including at least a couple local options. I got multiple quotes from a bunch of big lenders and thought I had a solid option when my realtor told me to talk to a certain local bank he used himself and recommends to all his clients. They came in with a much lower rate and a pretty inconsequential PMI for what ended up being a jumbo loan. Shop around.
$300k HHI