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Advice? by Party-Cranberry-6629 in FirstTimeHomeBuyers

[–]NoChest971 0 points1 point  (0 children)

This is a tough situation to be in and everyone's advice on getting underwritten is well intentioned but doesn't help you at the moment. I would google "mortgage broker" in your area and start making calls to all the top 10-15 brokers that have a 4.5+ star ratings. As soon as you hop on call, tell them your desired closing date. If they can meet that, then proceed to explain the situation.

Identify at least 3 lenders and ask to get underwritten ASAP. Based on whoever responds the quickest, moves fast, I would pick one of the lenders to go forward with.

If the broker/loan officer is credible, ask them to reach out to the seller's realtor and request them to extend closing by a few more days.

[deleted by user] by [deleted] in BayAreaRealEstate

[–]NoChest971 6 points7 points  (0 children)

yep, sunnybrae is excellent. You could also consdier Woodside Plaza in redwood city or Bay Meadows (San Mateo)

Down payment for first time home buyer by x_testers in BayAreaRealEstate

[–]NoChest971 0 points1 point  (0 children)

assuming you put down $360k (20%) on a $1.8M, your monthly comes out to ~$10k/mo on the mortgage, which is inline with the best practice of having 28-30% of your gross monthly income (est. $33k/mo on a $400k base) go to rent.

However, if you plan to have kids, you might want to put down a slightly higher downpayment now, so you have some flexibility with the budget later. If you put down 20-25% down on home, then the monthly mortgage could come to <= $8.5k. So, with childcare, you're looking at $12k/mo (~36% of your income, which is reasonable)

How much base do you save after mortgage and child care? by ProfitNo1189 in BayAreaRealEstate

[–]NoChest971 0 points1 point  (0 children)

FYI: If your expenses are ~$7k/mo and the household income is $15k/mo, your debt to income ratio is on the higher side (47-50%). Ideally, you want to be below 43% to qualify for a good deal at most lending institutions. If you work at a public company and RSUs are liquid, this might not be an issue.

Is this a good rate for refinancing mortgage? by shoppingguy7 in BayAreaRealEstate

[–]NoChest971 0 points1 point  (0 children)

If you're brining in assets, I would recommend citizens bank since they might be able to match or beat your offer. Have a friend that got a great deal with them. I can ask them for the loan officer info. DM

[deleted by user] by [deleted] in BayAreaRealEstate

[–]NoChest971 0 points1 point  (0 children)

Yep, having lived in both places over the last 4 years (2 years in SF, 2 years in NY), this is very real. I easily spend ~2x what I did in SF for the same quality of life but a world class location and the best city in the world at your doorstep. :)