First time buyer questions.
Hello all, I apologize in advance if questions like this get asked too frequently in this sub but I’m trying to make it as personalized as I can for my situation. A little about my situation: I’m 23 and currently living with my parents who are awesome enough to allow me to save aggressively (which I have been since I was 14). I gross $107k per year, have $150k in savings, $73k in retirement. Only recurring monthly expense is my car insurance which is $250.
I’ve been eyeing homes in the $250-300k price range (single family townhomes in FL). I’d like to put at least 20% down to avoid PMI.
I don’t really know of any good financial advisors in my life and have been doing some research online so I figured I’d put the feelers out to other likeminded individuals. A few questions:
•Given my situational information above, is it necessary to put down more than 20%?
•For other first time home buyers, what is your monthly mortgage payment compared to your monthly household income and do things feel tight with said numbers? Is there anything you’d wish you had done differently during the buying process?
I thank you all in advance!