Looking to buy a house in the next year or so - looking for advice on % down payment - how much house I can afford (100k gross income - ATL market) -what kind of loan? - any other general advice?

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20% down payment is advisable.

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No advice on the dp but December is generally the best time of year to buy.. the closer u get to spring/summer it becomes a seller’s market

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I bought the house with minimum down payment, 5%. Went for 30 yr fixed. Had the money to put 10-15% down, but decided to go with minimum. Also reserve some extra cash for additional expenses such as new furnitures, decorations, utility etc.

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If you can do the 20% to avoid PMI which is just lost money, you should. That being said, don’t worry if you don’t put the full 20% either or use that as an indication you can’t afford the house. If you know you can take care of the monthlies without overextending yourself you’ll be fine.

At 100k yearly, you should look at ~$2500/mo payments but that’s assuming zero salary growth.

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Put 20% down and your mortgage payment (included principle, interest, escrow, insurance etc) shouldnt exceed 25-30% of monthly take home.

Don’t we have to buy additional insurance if anything less than 20% dp?

Yes, PMI. You pay it until you payoff 20% of your house.

Thanks. It takes so long to save for that 20% dp. Haha. I’ve been waiting for a while. Getting close.

I found pmi was really negligible and pre-paid it for $3k, expected to payoff if we stay for at least 3 years. I think down payment rules are more rules of thumb and you should focus more on whether the monthly payment fits into your long term budget and you have an emergency fund if you lost your job

Thanks. Does dp% impact the rates as well or is PMI the only additional cost if dp is less than 20%? I will definitely do more research and read when the time comes but just curious having never bought a house before.

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