“I Want to Get Pre-Qualified”

 "I found a house for $467,000 and want to put 20% down", so far so good. What does your credit looks like? He told me the last time he checked, it was 600. I might be able to work with that. What is your yearly income? His answer blew my mind, but why should I be surprised? He told me he brings in $1350 per month. 

Between monthly property taxes and homeowner’s insurance, these two items alone are over $800 and that does not include principal and interest. How are you going to make the mortgage payment? He told me, he was planning on getting a job. I was not going to asking him about his disability, as I would have said it was mental. 

I could not help thinking, that a few years ago, he would have qualified for a stated income loan. Well somewhere, but not with me. I just let him know, I wasn’t the right person for the job and wished him well. I am so glad that I don’t run into these situations very often.