What is my buying power?

Question

Hi, I am a very new investor, so please excuse my lack of proper terminology if it occurs. I am a young 20yr old hopefully soon to be investor. I am currently working at a brokerage firm. Mine and my SO’s annual income gross income together comes out to around $148,000. I am looking into house hacking once I purchase my first property, so with that I am looking for house with at least 2 bathrooms(one on each floor obv), a basement, and at least 1,700 sqft. The houses I have been looking at that meet this criteria go for around 400k-460k. I would love to hear some of your opinions on what amount is ideal for a down payment, closing cost, ect. And any advice you find prevalent to my situation is much appreciated.

Jeremy Jareckyj · Answer

Hey Brooklyn! I am local to SLC. would love to chat about what might be a good fit for you. I have been house hacking for the past few years.

Sydney King · Answer

Hi Brooklyn, I am in the Salt Lake area as well. I would say the most efficient and accurate way to get advice on your buying power would be sitting down with a good lender. I can give you some recommendations if you'd like!

Erik Estrada · Answer

Hey Brooklyn,

What is you and your SO's approximate monthly debt?  What are both of your mid FICO scores?

You said you work at a brokerage firm, how long have you been employed there? Are you an independent contractor or an employee?

Does your SO also have 2 years work history? And are they self employed or W2?