WFH Freelancers Homeowner’s Association: how much do/did you budget for your mortgage? Riding the NYC freelance gravy train and putting finances together to buy in the city, but am second guessing what percentage of income to land on considering the potential future dry spells.

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Someone in another thread said being a homeowner is like setting all your cash on fire, and it’s true. The equity part is obviously a great investment for the long term but in the short term all the unexpected repairs and regular maintenance are just ughhhhhh. So I am glad I bought the least expensive place I could find. I recommend keeping your budget as low as possible because there will always be other expenses.

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I’ve never heard this pov before and it made me lol. It may only be true in nyc. It’s insane anywhere else.

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Small percentage.

I make around $250k a year and my mortgage is $2800 a month.

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Well, remember you can write off the interest. Maybe some of the property tax but probably not with SALT limit (grr).

But even with the interest write off, that’s like a “discount”.

and yeah it’s very tough, I luckily bought my latest house in 2018. The value is up like 30%. I also refi’d at 2.9%.

As I’m sure you know, making what we make and keeping rent/mortgage under 3k, means a lot of cushion for savings and other stuff.

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Just got approved for a loan over here.

We had to provide a years of proof of employment. If your freelance work is w2 then they’ll be thrilled, esp since your w2 freelance rate is considered your annual (so if you’re making 5k/w, they multiply that out as though it’s what you make for the year).

The other thing that they looked for was ensuring that your income didn’t drop over those two years. So long as you made more than the year before, they’ll be happy.

Ultimately you know what mortgage you can afford, so don’t go nuts. We got approved up to 1.2mm, but could never afford that mortgage. Keep your payment where you can manage them and put some money away for the dry spells.

Good luck!

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