New to Real Estate · East Greenwich, RI · Member since 2019 · 22 posts · 13 votes
Hi BiggerPockets! My roommate and I are currently renting and are considering jumping into our first house hack no earlier than September 2020. We have been discussing different aspects of the processes associated with executing the first house hack (we are both recent college grads about 7 months into our first full time professional jobs). One of the first things we need to figure out is around how much a bank would be able to loan to us given our salaries, credit scores, DTI, etc. We will likely be applying for a FHA loan for our first property, and I'm confident we fit the criteria for being approved.
What resources do you recommend for researching these figures, aside from actually going to the bank and having that discussion (we think it may be too early to start those talks and we would really like to get an idea for ourselves before moving onto the next steps).
Get pre-approved by a lender. There is no cost to do so and there are plenty of ways to do it online as well. I won't take a client without a pre-approval letter because there's nothing worse than finding the perfect opportunity and discovering it will be perfect for someone else. Like all things in REI, do the work...learn...know.