One lender qualified a buyer for a $333,000 home using only base salary. McGowan's team added 12 months of bonus income instead of requiring 2 years, unlocking an extra $500/month for housing and approval for a $340,000 home.
$8,000 per month.
50%.
$4,000 per month.
About $2,000 per month.
About $2,000 per month toward housing (after other debts).
Same buyer, same job, two totally different results. Most lenders stop at the basics. We dig deeper. This is a real life example that just happened to a buyer of ours. They were pre approved by another lender and the income that was being used was their $8,000 a month base salary income. Normally on conventional financing you could take 50% of that. So 8,000, slash it in half. That's $4,000 a month for all debts. They had about $2,000 a month of other debts leaving two grand a month towards the housing payment. That qualified them for about $3,000 of a house. We jumped in because they found the perfect house that was in the 333 price range. We saw that they had been making bonus income for the last 12 months. The other lender needed it for the last two years. We don't. We were then able to use that thousand dollar a month bonus on top of their eight grand a month base. That freed up an extra 500amonth of usable income that got in the house of their dreams of 340,000. That's the McGowan mortgage team difference.
