Here's the quick and dirty mortgage qualifier from Sky Minor, mortgage master of Eagle Rock. (patent pending)



1. Most importantly, Have a credit score of at least 580.

2. Take your household's gross annual salary or taxed income and divide it by 12 to get your monthly income.

3. Take 1/3 of that monthly income number.

4. Divide this number by 666.

5. Multiply the answer by 100000. That is how much you will qualify for a 30 year fixed rate mortgage loan at 7% interest.

For an example, let's use a household earning an income of $100,000 per year.

$100000/12=$8333 monthly

8333/3=2777

2777/666=4.17

4.17x100000=$417000. This household will safely qualify for at least $417000 mortgage.

This is only an estimation but it's a good tool to know if you are ready to buy a property.

I am a fully licensed and certified mortgage broker in all 50 states for residential and commercial properties. Together with Rachel, my partner we have over 180 loans under our belt including all of our own purchase and refinance loans to build our own portfolio of properties. To leverage our experience and apply for your mortgage with us please click here.

Lenders have generally become more stringent with underwriting practices but they are still funding loans to borrowers who can show they have the ability to repay the loan. I have access to a program that does not require income verification for first time home buyers with a credit score over 720 and a 20% down payment. If you meet that criteria you can go here to qualify.

Buying income property one is allowed to use 75% of the properties' existing rental income to qualify for the mortgage. The buyer will need to have 20% down payment. It's an especially good time to be buying small income properties under 5 units in this real estate downturn. The pros are scooping up income producing properties at fire-sale prices.

It is said that "If you want something done right, you've got to do it yourself" and I believe that is very true in the process of financing real estate.

Always save your money.