I need some help regarding the math, behind how to figure out how much of my current debt I need to go ahead and pay down/off , in order to meet the requirements that my Lender is requiring via my Residual Income
Currently, I have $8,000 in credit card debt , and given that, with my Net income from my last 2 years of taxes, I qualify for just over a $60,000 loan
I am wanting to qualify for a $80,000 loan, but my Residual Income is holding me back
Is there a Formula that I can use, that will tell me ..... for every $1,000 of my current Debt that I pay off , It will increase the loan I can qualify for , by X amount of dollars ? So, say..... I pay off $1000 dollars of debt, equals I now qualify for $65,000 ?
I need as much money as I can get , to put towards a down payment, so I am trying to narrow it down, almost to the T , as far as how much of my current $8,000 in debt I need to go ahead and pay off, that will qualify me for the $80,000
Thank you for the help everyone, really appreciate it
Why not call the lender and ask them? They are the ones who would know exactly what the differences are between qualifying for $60K and qualifying for $80K
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