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First time homebuyer. I've been holding off since I was not sure if I want to stay in California (actually I know I don't), I would like to move to Oregon or another state but I have too many roots here with career and family, etc. So I guess I should start getting rooted here if I am not going to move. What are your thoughts given the information below:
You'll be fine, I'm qualified for what you're looking down on the 160K income I claimed and it's not even a DTI stretch in the jumbo world (I went 20% down though, would've gone 15% had I cleared 740)... probably with worse credit too as I only hit the 720-740 tier. Is worth pulling the 3B instant in time scores here before you go shopping, there's some differences in the jumbo market between clearing 740 and clearing 760 depending on your lender.
Just napkin math, you have on the order of 9K / month in payment at 43%. If you went 10% down with your full monty DP (btw I don't think the loans would blow your reserves, IRA/401K's are calculated at 60% of balance for reserves and you have plenty left for that) at 160K w/20K for closing and whatever at call it 4% today is something like 1.6M assuming the 10% jumbos are calculating on a similar backend ratio.
Revelate, thanks for the detailed reply. It's helpful, I am still reading up online about how this works as a first timer, plus looking at different bank/credit union sites. Again,thanks for the insights/info!
@youdontkillmoney wrote:Revelate, thanks for the detailed reply. It's helpful, I am still reading up online about how this works as a first timer, plus looking at different bank/credit union sites. Again,thanks for the insights/info!
I would expect by the time you go shopping there will be a lot more 10% jumbos than there are now; talk to a bunch of lenders though if chasing jumbo land... your file should be even easier to underwrite than mine (and mine isn't difficult) but I got tossed out of a couple lenders because of my 2014 income, and this being jumbo space, their product and rate sheets will be all over the place as it's not regulated at all.
Jumbos are literally the Wild West show here in Socal.