[itsoktocry]

>no one can tell you how much to bring to closing until 24 hours before. It’s insane.

In some ways, yes.

In other ways, it's insane that people are able to borrow 5-10x their average annual income for an item (the house) that they have very little expertise in analyzing. In that sense, it's a process that is surprising it works at all.

[qes]

Nobody is mortgaging 10x their income. You'll have tough time getting 5x.

[renewiltord]

That doesn't sound right. You can definitely get a million dollar loan with $250k down on a $200k salary. I'd say it's pretty common. My friends own homes and fall into that category.

[rahilb]

That’s 5x, actually less because of the deposit amount.

[renewiltord]

That's the point.

> You'll have tough time getting 5x.

5x isn't tough. It's easy. In fact, better.com will give it to you right now.

[qes]

Ok, fair, but for the 80%+ of the U.S. that aren't high income earners 5x won't be as easy. I obviously didn't include a ton of nuance in my original post.

[hatboxreappoint]

Wouldn't that make it a $750k loan on a $200k salary? So 3.5x

[renewiltord]

No. A $1 million dollar loan. So that the house you buy is then $1.25 million. If you have the money, try it on better.com