{ "media_type": "text", "post_content": "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?", "post_id": "5e7ba452dcfe630028cb53e2", "reply_count": 10, "vote_count": 4, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

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?

like
Posting as :
works at
You are currently posting as works at

20% down payment is advisable.

likehelpful

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

like

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.

like

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.

like

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.

Related Posts

How far is far enough to try and negotiate relocation costs? I live in Oakland but got an offer in San Jose - around 90 min commute. Just bought a house here though and would want to move closer. Would I get laughed out of the room to try and negotiate relocation?

like

Damn ATL back at it again with the sexy weather

like

Hi Atlanta bowl, I’m an NYC creative & SCAD grad looking to move back home (to Atlanta) - what are your thoughts in the creative (Corp & agency) scene in ATL? Any words of advice?

like

Average time to return a rental to LGA on a Monday AM

like

Anyone come through LGA terminal B in the last few minutes? How long was the line/wait for a yellow cab?

like

This is for my real estate agents. I’m brand new into the business and I adore the work. What tips or pointers can you give to a new agent- I’m in Las Vegas if it helps to be specific. If anyone has any book recommendations that’d be awesome as well. I’m looking to learn anything and everything. For example, learning what I can and can’t do to make a deal close

like

It’s 1/23. Anyone in the Ballantyne area in CLT up for dinner?

like

Anyone at ATL want to let me in the lounge? Thanks 🙂

like

Hi all, i am a tax staff in Boston for a national firm. I m looking for opportunities to relocate in SF area, San Jose. Please help. Thanks

like

NYC to SFO Delta flight was delayed for 4 hours because they lost bags, which resulted in needing a new captain whom they had to wake up and ask to come in...love airlines.

like

I’m currently working at a law firm in San Diego specializing in coastal property rights as a litigation paralegal and legal assistant. We received a minute order from a preliminary injunction hearing. Our client was ordered to post an injunction bond of $2,500. First our client walked to the courthouse to try to pay the bond up front, but they would not accept his money. He tried to call several bond companies, but all said the amount was too small. So how do you post an injunction bond?

like

I am fighting the urge to leave New York, but dear god have you seen San Francisco or what this money can buy you in Chicago?

like

Anyone know of a natural hair stylist in the CLT area?

Is advertising a den of thieves where we just steal concepts from creatives? I saw David do something similar with their Coke print ad. Man, I don't know what's up with the advertising industry anymore

Post Photo
like

First time apartment renter in San Francisco Peninsula here: Do I buy or rent my furniture?

like

ORD is the absolute worst 💀💀💀

like

Experience renting from National at JFK? Wondering if the selection is generally good and/or if managers are lenient about giving upgrades to folks with status. Trying to decide where to rent for Vday

like
like

Anyone fly out of LAX recently? Have a flight Wednesday afternoon. Can’t imagine wait times are long? Have precheck.

like

Senior CW w/ 5 years experience in NYC and MIA?

funny

Additional Posts

I’m looking for assistance on building your own portfolio in my traditional 401K. I’ve been reading that it’s important to choose funds with low expense ratios. Also, that it is recommended to have at least one US stock, international stock , and bond. I am 24yo so ideally, I’d want to allocate 90%-100% to stocks and 0%-10% to the bond. Any other things I should be looking at?

like

Hello! I recently came across a junior credit research role at “Income Research + Management” and I was wondering if anyone knows of them? Specifically, I’m interested in their work/life balance policies, career trajectory and benefits. Thanks in advance!

like

How many of you have heard the “well i made this when i was your age...” & how do you objectively reply to something like that? Trying to lobby for better comp... (asset management)

like

Which firms offer Day 1 Green Card Process? I know there is FAANG, Microsoft, Twitter... any others? Thanks!

like

I was having IT issues when my firm migrated to Microsoft teams. I was getting help and they took control to do their trouble shooting. After fixing the issue, he suddenly video called himself to test it all works. I was laying in bed naked when the cam turned on 💀

funnylike

KPMG Strategy SAs. How’s that WLB and base Comp (and bonus %) range (HCOL)?

like

Anyone have insight on the salary and bonus range for a Manager at The Chartis Group?

like

Anyone know what should be the salary range in Deloitte? If pass through the interviews then will be getting hired in HR transformation department with 7 years of exp. in the same field.

Raise your hand if you've ever been personally victimized by American Airlines 🙋🏼‍♂️

like

Has anyone interviewed for the Amazon Customer Practice Manager role? Are the interview questions and progression similar to the other Amazon roles? I am not seeing much out there on this specific job.

like

hey ladies...saw a similar post thought i would ask too. looking for hair stylist in chicago. thats really into hair care whether its natural or relaxed. extra points if their schedule is online for booking!

like

I’m currently out on medical leave but I also accepted a new position with B4. Is it Wrong to give my 2 weeks notice a week before returning to work? New firm wants me to start ASAP.

like

Snapchat salary Sales Strategy & Operations associate and manager?

like

I miss checking into the St. Regis...

Question about Covid screenings. About to do a shoot. They’re doing a rapid antibody blood test that you have to pass before you’re let on set. But I thought that these only detect covid 1-2 weeks after infection at the earliest and aren’t useful for screening. Any experience/thoughts?

like

Would you recommend using travel agents/agencies? Trying to book a trip to the northeast region next week, but am feeling overwhelmed looking at all the hotels, flights, etc. If you would recommend- any good ones in particular I should contact?

like

Does staying at a job too long make you less marketable? A CFO who worked at a company for over a decade and was fired because of cut backs was hired for temp work. An accounting manager of 6 years was hired for tech support. How does this happen?

like

Holding Co HR people please answer: Why do you blackball people who were fired from an agency in your network from working at other agencies? What if it was a just a bad fit?

likehelpful

Product manager at tech company or stay in consulting? Salary the same right now. Curious about upside as a product manager, is earnings potential in executive role comparable to consulting partner?

like
like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the Fishbowl app

Get realtime notifications and see
what's happening in your industry
from the palm of your hand.

For account settings, visit Fishbowl on Desktop Browser or

General

Legal