Reply to Won the bid on a 900k house and now I feel sick

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[quote=Anonymous][quote=Anonymous]When you do you budget, don't forget that you will also have to pay a little less than 1K per month in escrow for taxes and home insurance, so you will really be at $5K monthly for home payments.

You can do this, but you will be house poor.  You may have to think of ways to control costs (such as getting an au pair).  But this is the reality of living in DC/Arlington/Bethesda/Mclean now.  And other posters are right - homes are not getting cheaper.  Even if homes don't go up in price, homes in this range are getting expanded or torn down for bigger homes.

[b]What you have to worry about now is qualifying for the loan.  There are higher qualification requirements for jumbo loans, and you are very much on the limit for income, unless you have a lot of savings (putting down more than 20%).   In my opinion, you may have a hard time getting a mortgage for more than $700K, so you will have to bring at least $230K to closing (about 25%).[/b]

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I just went through the jumbo loan process and actually found it easier than the conventional loan process.  The debt to income ratio allowances were insanely high and so we fell very comfortably below the limits with similar stats to OP.  We did bring 25% to closing, but we were also approved while keeping for first home (which we did end up selling).  [/quote]

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