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How would you check affordability? Redfin says dont pay mortgage beyond 36% of your gross income. Is there any other criteria to consider here? Whats the ideal range if you dont have any other debts or expenses? Can someone share any resources for a first time home buyer? #mortgage #housing
You need to pay as much down payment as you can afford, keeping money aside assuming that you lose your job and need to survive without a job for 12 months. Rest pay in down payment.
You can quality for a loan around 42% your gross income, including bonus. Might not include RSU. Use that as a guide and the stock will give you some cushion.
Only look at base salary when doing income checks. You probably don't need to be as aggressive as 36% when using all base, but it helps if you can pay your mortgage with a single paycheck. There's also home insurance + property tax that can add 1-2k a month depending on the cost of your house. Most calculators will already have this built-in, though.
If 36% is aggressive, Whats the ideal range if you dont have any other debts or expenses?