Approved for $245k in Westchester County, NY. How Do We Increase Our Buying Power?

[Tiffany Alfaro]

Hi everyone, I’m looking for some advice.

I recently spoke with a loan officer and was approved for about $245k for a condo. He also mentioned that I wouldn’t qualify for anything higher right now.

My spouse and I make around $150k combined, we both have stable jobs, and we have a decent amount of savings. We’re planning to be almost debt-free within the next year, and at that point we’d like to revisit our options.

We’re located in Westchester County, NY, and our goal is to eventually get approved for more so we can purchase a house to house-hack (ideally a small multi-family). But right now it feels like we won’t be able to qualify for or afford anything beyond that $245k.

Has anyone been in a similar situation?

Any advice on how we can increase our pre-approval amount or what steps we should be focusing on over the next year?

Thanks in advance!