Strategic Income Growth Hacks

Increasing your household income is one of the most effective ways to lower your debt-to-income (DTI) ratio and qualify for a higher loan amount. Whether you are looking to boost your primary salary or leverage secondary income streams, these strategies are designed to help you reach your homebuying goals faster.

1. Engage Your Supervisor in Career Development

Proactively schedule a meeting with your direct supervisor to discuss your career goals. Enlist their help in identifying skill gaps and developmental opportunities that can position you for a promotion or raise, which will strengthen your homebuying qualifications.

2. Invest in Career Certifications

A $500 certification can lead to a $5k salary bump. Higher income = higher pre-approval amounts. Research certifications in your field that take less than 3 months to complete and have a high ROI for your salary potential.

3. Strategically Ask for a Raise

Even a small 5% raise at work can drastically improve your debt-to-income health and increase your pre-approval amount. Keep a "Win List" document to track your accomplishments, overtime hours, and new projects to build your case for a raise. 

4. Always be Networking

Leverage professional networking to cultivate future opportunities. 70% of jobs aren't published publicly. Reach out to three former colleagues or mentors this week to let them know you're looking for opportunities for growth.

5. Document Side Hustle Income

If you have been doing freelance work or DoorDash for at least two years, we can often document that 1099 income to help you qualify for a more expensive home. Keep a dedicated digital folder for all your 1099s, profit-and-loss statements, and invoices from your side income.

6. Monetize Unused Assets

Use Facebook Marketplace to sell unused items. A $500 weekend can pay for your initial home inspection. Spend one hour this weekend listing items you haven't used in six months on Facebook Marketplace or Poshmark.

Next Steps

If you are ready to stop guessing and start planning your path to homeownership, let’s chat for 5 minutes this week. We can review your current progress and look at available grant opportunities.