Realtors : How do you qualify a potential buyer without waiting on a loan officer IN 3 MINUTES ?

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Sep 01, 2013 Views1,104 Answer a Question

HERE IS HOW :1)Ask them what is their FICO Score = 640 or more better. 2) How much per year they make Gross ? Example $96,000 / yr. $8,000 /month. Divide $8,000 / 2 = $ 4,000. 3) Add all their monthly debt ( Car, Student Loan, Furniture, all Min. Credit Card ) eg. $ 1,500. 4. Subtract $ 1,500 from $4,000 ( $4,000 - $1,500 ) = $2,500. 5. Multiply $2,500 x 100 = $250,000. That means they can be qualified up to $ 250,000 loan. This is not exactly but 95% close. 6. They total monthly payment will be 1% of $250,000 = $2,500 or less ( Mortgage, Tax, Insurance, PMI ).You See, it took 3 minutes to do it. You do not need to wait from us. George Tesfa Primary Residential Mortgage Bank, Manager. 713-335-5521 Office832-607-1113 Cellwww.Lending3.com gtesfa@primeres.comNMLS # 340108

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Consumer
Categories:
Mortgage & Finance
#1 Awarded – Best Answer
About 10 years ago
Thanks. (^_^)
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