| Author |
Message |
|
|
 silverw106
Joined: 14 Apr 2009
Posts: 2
1.56 Dollars($)
|
 Posted: Wed Jun 24, 2009 11:40 pm Post subject: do you use gross income or net income |
|
|
| do mortgage lenders use gross income or net income to calculate income to qualify their borrower? |
|
|
savior70
Joined: 25 Mar 2009
Posts: 1422
Location: Florida
168.75 Dollars($)
|
| Posted: Thu Jun 25, 2009 5:40 am Post subject: |
|
|
Hi
Lenders generally use your gross income to check whether you qualify for a loan. They use your gross income rather than your net income because at the end of the year when you file your taxes, you get deductions based on your gross income. This is why, the lenders think if they use your gross income to calculate your debt t income ratio, it will give them realistic results. |
|
|
Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 814
Location: OHIO
195.97 Dollars($)
|
| Posted: Thu Jun 25, 2009 5:44 am Post subject: |
|
|
Hi silverw,
Mortgage lenders consider your gross income when they review your financial situation. Even when it comes to calculating the mortgage debt ratio (or debt to income ratio), the borrower's gross monthly income is taken into account. By the way, are you going for a mortgage?
Feel free to discuss your situation in detail. We'll be able to provide you with further suggestions that might work for you.
Regards,
Jessica
_________________
http://jessica.mortgagefit.com/ |
|
|
dan163
Joined: 18 Jun 2009
Posts: 8
4.64 Dollars($)
|
| Posted: Thu Jun 25, 2009 6:55 am Post subject: |
|
|
| Gross. |
|
|
litisham
Joined: 23 Jun 2009
Posts: 116
0.02 Dollars($)
|
| Posted: Thu Jun 25, 2009 8:32 am Post subject: |
|
|
Yes gross income .
Lender refer gross income |
|
|
