need help House-hacking my first deal

[Matt Ekoti]

Hello Biggerpockets community, 

I am a 22 year old aspiring investor trying to house-hack my first deal, i live in college station, TX (Brazos country). I am a full time college student with a 750 credit score and manage to save up $11k from my day job. I am looking at purchasing a single family with 3.5-5% money down. a single family with 4 beds and 2+ baths with a garage under 180k is ideal. furthermore, i am having a hard time qualifying for a mortgage because of my income (less than 20k a year). I am looking to work/meet with local investor, real estate agent or anybody to provide me with guidance or form a mutually beneficial arrangement . I am open to any helpful tips and advice to help make 2020 the year for taking more action.

[Jim Cummings]

@Matt Ekoti. I commend you for you ambition and drive. But, welcome to the realities of the market. Mortgage Lenders look for monthly earnings and job stability. As you are a College Student, I'm assuming you do not have a full-time job, and your savings are from Part-Time jobs. 

Saving $11,000 - Fabulous - you've got a great saving mentality.

I'm not a Mortgage Lender, but quite a bit of experience dealing with Lenders. Mortgage Reality is Lenders look for Monthly Earnings and Job Stability as I said earlier. So, for a Mortgage of about $180,000 @3.75%, 30 Years, you are looking at a PITI of about $1269. That's $834 - P&I, $350 - Taxes, and $85 for Insurance. To qualify, you'll need a monthly Income of approximately $3800, without any other debt limiting factors.

Keep at it - continue your great savings habit and you'll be set as soon as you land your first full-time job.