Overall Financial Position: Conclude with a summary of your financial strengths, stability, and readiness to purchase a home. Explain how your financial profile will shape your decisions throughout the transaction.
I feel ready to buy a home because I live well below my current means, and in the NFL I would be making much more than I do now. The NFL income isn't guaranteed, so I want to buy a modest home in the 500,000 dollar range with 20% down to keep my projected costs low.
Monthly Expenses: Estimate your typical monthly expenses, including housing, utilities, transportation, insurance, and other recurring costs.
I currently spend around 4,000 dollars in total per month currently, I suspect it will stay around that number or maybe get closer to 6,000 when I am out of college
Provide an estimated credit score range and explain how your credit standing will influence the mortgage terms available to you. To complete this portion accurately, you should check your credit score using a free and reputable source but you do not have to disclose your actual score. Many financial institutions and credit card companies provide updated credit scores as part of their online banking services. These tools do not affect your credit and are intended to support financial awareness and responsible planning.
I expect my credit score to be above 700 by the time that I buy a house, which puts me in a good tier of credit. My score is limited by my short credit history, but I am not in debt at all and never miss payments. I have been trying to improve it since I've gotten a credit card and I don't suspect I will have any issues when it comes time to get a mortgage.
Dedicated Funds for the Purchase: Identify any funds you have set aside specifically for the home purchase.
I would like to set aside around 150,000 dollars for my first home purchase. These funds will cover my down payyment and closing costs while leaving my emergency funds untouched. I want to live in a very humble house and just make sure my needs are met.
Retirement and Long Term Savings: Estimate the balances in your retirement accounts and long term investment accounts. Use reasonable figures based on your chosen buyer identity. Include emergency savings and explain how these reserves support financial stability.
I plan to contribute to the leagues 401K plan to start building long term. I would also like to set aside at least 10% of each paycheck for emergencies. Building up a reserve if I were to be released are important.
Assets and Equity: If applicable, describe any existing property you own and estimate the equity you have built. Include other major assets such as savings, investment accounts, or employer sponsored plans. Provide realistic values that reflect saving and investment over time. A first-time buyer may mainly have cash savings and perhaps some retirement savings.
I dont own any property, so I have no home equity. My main assets would be the cash savings I have through NIL, and the investments that I have made in stocks and crypto. Once I sign with a team I will become eligible for the NFL's retirement and 401K plans.
Household Composition: State whether you have dependents or other individuals who rely on your income. Clarify how your household structure affects your financial obligations and purchasing power.
It is just me, which allows for lots of flexibility
Income and Employment: Identify your occupation, your estimated gross annual income, and the occupation and income of any co‑buyers. Describe your career stage and the stability of your earnings. Research a reasonable salary using a credible source such as occupational wage data, career resources, or relevant job postings. State the basis for your estimate.
In this scenario I am an NFL rookie, earning a league minimum salary of $930,000 (projected for the 2027 season). Although my income would be high, its not secure and most of undrafted contracts are not guaranteed. This means I will only earn my full salary if I make it through a full season, so I will need to be responsible with my finances at all times. I have no dependents and as a single buyer, I will carry all of the costs.
Motivation to Buy: Describe the housing situation you expect to have right before purchasing a home. This could include renting, living with family, living in student housing, or already owning another home. Explain what would motivate you to buy at that point. Also identify at least one situation that might cause you to delay the purchase or continue renting instead.
Right before buying, I will most likely continue to rent the apartment I am currently in until I know where I am going. This gives me access to the training facilities we have here at UW. I am motivated to buy because I want to start building equity, and a home is a great overall investment as a young adult (if you can afford it). I would delay the purchase if I was not immediately signed in the first singing window, and in that case I would most likely move in with my parents temporarily and be closer to my individual coach and save money until I got my opportunity.
Household Needs and Lifestyle Goals: Explain who will occupy the home and what interior and exterior features you require. Identify the functional needs and lifestyle aspirations that will guide your property search.
I will be the only one living there and I would like the home to be a short commute to the practice facility (if possible) to save money on commuting. I live very simply so I wont need that many extra features, but the second bedroom will be converted into an office space. A two car garage is also very important for my car, along with storing training equipment and other miscellaneous large items.
Career and Life Stage: Describe the career and life stage you expect to be in when you purchase. Explain whether your employment and income are likely to be stable, growing, variable, or uncertain. Consider factors such as starting a career, relocating for work, living independently, forming a household, raising children, or preparing for retirement. Explain how these circumstances affect your readiness to buy and expected ownership period.
I will buy shortly after signing with an NFL team as a late round draft pick or an UDFA, which is the most common pathway for someone who plays my position. NFL league minimum pays very well for rostered athlete, which is what athletes in my role usually start out with. In my scenario I stay with a team for numerous years (which is rare in football but for this scenario its different) and feel comfortable buying a starter home.
Prior Homeownership Experience: Indicate whether this is your first purchase or whether you have owned property before. Explain how your experience informs your approach to the transaction.
This would be my first purchase (which is very exciting), but I have moved around quite a bit growing up so I understood the basics and have learned more as I have progressed through my degree. Since I have been in college, I have lived in off campus apartments alone but am considering renting a 2 bedroom house for my final year next year to see if I prefer that over an apartment for when I graduate.
Buyer Composition: Identify whether you are purchasing alone or with one or more co‑buyers. You do not need to create a co-buyer if buying individually fits your scenario. Describe your ages, household structure, and the legal form of ownership you intend to use (for example, joint tenants with full rights of survivorship, tenants in common, or sole ownership).
In this scenario, I am 22 and fresh out of college looking to purchase my own two bedroom single family home as the sole owner. I just graduated college and am entering the housing market with no dependents and no co buyers, and I will be responsible for making all the payments, along with qualifying the mortgage and maintaining the property's condition. I plan to live alone as I am not a fan of having roommates.