1.3M SFH

[Anonymous]

Anonymous wrote:A 1M mortgage is 5x your income. We were always told 3x should be the max. I would personally stay closer to 600k max. I’d put down as much as you can afford while still setting aside an emergency fund. You don’t want to be in a bind if your HVAC goes or you need a new roof. Or you get laid off.

Op, these blanket rules of thumb assume a certain rate environment. I would use take home pay and compare it to the mortgage payment using these multipliers. Remember that taxes can change every year

[Anonymous]

Anonymous wrote:

Anonymous wrote:Idk 🤷‍♀️

Dear GOD!!!!! You are an idiot. Preapproved for 1.4 M means that you earn enough to pay the mortgage on an 1.4M house so the bank will give you that amount of loan.

It also assumes that you will not save for emergency, not for school, not for college, not for retirement, not for groceries,childcare, braces, winter coats, milk, toilet paper etc - and pay the entire amount you make for mortgage.

That is what it means. What work do you do that pays you $200K? Because it does not seem like it required a college degree. How did you end up being a single mom of 2 kids?

This is a bit uncalled for. We don’t know where she came from and if she even grew up in a house

[Anonymous]

We live in Langley pyramid. I would not recommend moving here on that income unless you come from family money.

200k isn’t enough to maintain that mortgage. Assume you will need some childcare. Activities cost money.

[Anonymous]

It is hard to believe that someone with the wherewithal to save $600k and choose to live with their parents would consider taking on a risky mortgage for half their gross earnings.

Absolutely they can afford a nice home, but not at that price point. I would want a PITI at 4K/month as a max with substantial money kept aside for emergencies.

[Anonymous]

Haven’t read everything. OP you need to look at your annual budget and see how much you spend and whether there is space for the mortgage plus insurance plus taxes. Or, if you’re willing to make the trade offs. If you haven’t been tracking spending for at least a year, start now. Nobody can tell you what you can afford. Only you know (or can find out) what you spend and if the mortgage payments you are considering fit that. If you want to post your budget here, you will be feedback.

A lot of posters are reacting bast on your states income if $200k. If you receive child support on top of that, that could make a big difference in what you can afford, so you should share that info.

[Anonymous]

How much did it take you to save up 600k? How much would it take to save up another 600k? Not saying pay cash but if rates stay the same that $1.2 would get you about $45k/yr if you can do a minimum percent down and hold that cash

[Anonymous]

Op, do you have to get it in Mclean? May be you can look for a slightly cheaper SFH in other neighborhoods in NoVA. If you have good potential to increase your salary then I say something close to $1M would be ok. You might have to get your withholdings adjusted since the mortgage deduction would be increasing your tax refund.

[Anonymous]

Anonymous wrote:How much did it take you to save up 600k? How much would it take to save up another 600k? Not saying pay cash but if rates stay the same that $1.2 would get you about $45k/yr if you can do a minimum percent down and hold that cash

* how long?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:i wouldnt do that as a single mom

FFS. She makes 200k per year.

So?? For 1.3-1.4M home that's not enough.

+100

JFC, OP.
DO NOT put all your money into a house. No no no.

My spouse make nearly double that with a house of that price. And if one of us gets hit by the bus, there's still the other person there. This seems like a stretch for someone who earns 200K a year.

[Anonymous]

Op how much do you have saved in retirement and 529/college and how many kids? Is the 600k currently invested? A divorce payout? You should calculate what the pti would be on the 1.3 home at a current 30 year rate (not arm) and put that away every month, along with an extra 1k, and see how you feel. How stable is your job? Do you have an emergency fund? I would definitely not tie up all my liquid assets in a home.

In your position I would look at a 600-800 house with c 150k down max.

FWIW, at 350k we were approved for something like 2m, bought at 900k and put down 150k. We are comfortable and saving for retirement but not rolling in extra cash all the time.

[Anonymous]

Anonymous wrote:When I made $200K, I was comfortable with a $4K mortgage. I found that left enough to contribute to 401K, 529s, pay for camps, and still go on vacations.

Same. I think OP's purchase would be very uncomfortable.

[Anonymous]

Is the 600k all the money you have? No, I would definitely not buy such an expensive home on a 200k salary. 1.3 million with 20% down is probably about an 8,000/month payment or so. You're probably taking home about 11k/month, less if you're actually contributing to your retirement accounts. A 3k delta is simply not enough.