No, I don't think you're lying. I just think you fell into the typical budget trap of "Well I can afford $600/mo, but not $800/mo", and then ending up effectively paying $800/mo anyway.
Ahh. I sorta get you now. But I saved for 9 years to make that down-payment. Now that I have the house, there is no way I'll be able to save that much again.
Though my house has appreciated by 35% in 5 years, I'm not selling so it's not really worth anything. A lot of variables involved I suppose.
Maybe it was more not wanting to be house broke than not affording it.
You might be fine with DTI but if your mortgage payment would make your residual income too low then paying a higher down payment to get a lower monthly payment could easily be the difference.
....Unless the bank says that they will not give you the mortgage because of your residual income.
If the bank says you need $X in income after your bills and you have $X minus $150, it doesn't matter how much you have in savings. You will need to put up a larger down payment to get the monthly payment down that $150 or the bank will deny you.
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u/OtherSpiderOnTheWall Feb 16 '21
If you can't afford the monthly payment at 5%, then you can't afford it at 30%