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Personally I’d always shoot for a 20% downpayment to avoid PMI and to decrease how much you pay in interest (seriously google a mortgage payoff calculator and look at how much you’re going to end up paying in interest over the course of the mortgage). Also your monthly mortgage payment should be 25-30% of your take home pay. This allows you to not be house-poor and leaves you with money to invest in retirement/ save for kids college, etc. I would also have a 3-6 month of household expenses emergency fund in addition to your downpayment before buying as owning a house
I live in DC and there’s no way I can save 20% + 5% closing fees - anticipate a FHA loan. Condos/townhouses start at $400K and that’s with a likely hour+ commute
We bought a 300K house on 100K income 20 years ago, have out another 250K in renovations in, it’s worth 1.6M today and we’re 6 years from free of mortgage with a family of 4 now.
We out 5% down, my advice jump and figure it out.
Thank you! It’s def a big decision and I am having hard time deciding
With 140 salary at max you can take 420k mortgage (3x), so you’d need 105k for down payment and 10-15k for closing and initial repairs on a 525k home. So you’ll need 120k savings for that.
See if any of your relatives or parents lend or give you the down payment, you’ll return in a few years as your salary hopefully grows significantly and the same mortgage will not be so difficult to pay.
Or just don’t put 20% down. Much simpler.
Also it’s not a gross income ratio for how much they’ll loan you it takes into account debts you have. For our first home we were cleared to go up to $675k on an income of $210k but also had monthly obligations of $1700 (almost all student loans). Of course, what you can afford and what you’ll be approved for arent usually the same number.
If it’s a first home in NOVA 20% is nearly impossible and probably super tough—you’ll always be playing catch up with rising housing costs.
After b-school we got a $650k townhouse in Alexandria with 5% down, and kept another 30k we had in savings for fixing up the place and some new furniture.
We’re almost at an 80% LTV ratio so our PMI will be falling off soon.
We bought ours long before our income hit 140K, just buy it
Probably wrong bowl, but we put 5% down on our ~$425k townhouse based solely on my wife's $90k income when we bought a while back in NoVA.
I also live in DC so trust me I get how tough the housing market is. My husband and I are of the opinion that just because we choose to live in a HCOL area doesn’t make the math go out the window and it is not a good financial move to buy a house before we’re ready even if that means waiting a couple more years
Been in Fairfax Station for 20 years, plenty affordable in he DMV
DC metro? On that salary? Good luck...
With $25k you should start looking.
Figure out how much mortgage you can afford and you’ll understand your price range. Don’t sweat PMI. It’s not that expensive and house prices could be significantly higher in 2-3 years.
I make about similar to you and just bought a nice house in a LCOL city for about 300K. Put 5% down and am doing all improvements slowly by myself out of my disposable income each month. So far have completed work quoted to me at 24K at the cost of about 4K in materials, including a lot of tool purchases. I saved 50K in cash and still have about 30K left after purchase as my cash safety net. For me, getting to 25K was the hard part. That took a while and then was finally helped along with a signing bonus and big tax return. Then took about another year to save up the next 25K while living faitly frugally and prioritizing saving.
In DC, everything is more expensive and you're family is one bigger than mine so you will want to have more. I figure a minimum of 5% down payment, at least 5% for repairs (if it's in good shape), and then whatever at least 6 months of runway would be for your family as a safety net. But it's different for each family and each house's condition. If you have relatives that could comfortably help if something happened, maybe the safety net isn't as important for you.