The details:
Married couple, kids someday. 30 years old.
$270k income last year. She is tech salary, I am self employed so this can go up or down by maybe $50k per year due to my work schedule (but last year was a safe average)
Additional FAANG stock vesting of around $40k/year
$120k cash in savings account
Retirement accounts around $150k, plus a pension if those still exist in 40 years
780+ credit scores
—————— Debt:
$300 month car payment ($12k left) $200 month federal student loan ($16k left) No other debt
Rent is currently $3500/month for 1br. We like it here but would like a yard someday and a house
A lender said we are probably good candidates for an 80/10/10 loan with 10% down. I guess there’s no PMI in that one.
We will stay in the bay area because we have family here and like it here, so moving to a more reasonable place isn’t really an option. The houses we like are around $1 million but that is a very big number to me. I prefer to have money laying around to travel and stuff but I guess I should stop renting and start building equity?
What do you finance folks think?
Submitted May 07, 2020 at 11:21PM by FirmTangelo https://ift.tt/2A7gWQR
