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Effect of adjusted gross income

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bglover718 Joined: 29 Apr 2010 Posts: 3 1.40 Dollars($)	Posted: Fri Apr 30, 2010 5:51 pm    Post subject: Effect of adjusted gross income Like 0 Dislike 0 If someone grosses over $100,000 during 2007, and over $93,000 in 2009, and their adjusted gross income was about $32,000 for 2009. Will this have any type of negative effect on purchasing a home for $217,000.00?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Mon May 03, 2010 11:06 am    Post subject: Like 0 Dislike 0 BG, I presume you meant to state that the $93000 was in 2008 rather than in 2009. If that's the case, then "someone" is going to have difficulty in obtaining a mortgage with such a steep decline in income for 2009. A mortgage of $217000 would seem to be out of reach, unless there are extenuating circumstance that a lender could take into consideration and justify the amount. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
bglover718 Joined: 29 Apr 2010 Posts: 3 1.40 Dollars($)	Posted: Mon May 10, 2010 3:49 pm    Post subject: Like 0 Dislike 0 Well, actually for 2008, the (Gross) Income was over $100,000., the (Adjusted) Gross Income for 2009 was a little over $32,000., however, the (Gross) Income for 2009 was over $93,000......

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