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do lenders use my gross or net income for considering my mortgage eligibility?

they said gross on the site but that doesnt make a lot of sense to me? just want to clarify because i need to take into account how much i can actually afford to pay after tax and bills
By viara1mooney7835456 from MI Oct 30th 2014
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Oct 30th 2014

Searching Today's Rates...

We all use your Gross income

Oct 30th 2014

Lenders look at your GROSS income and have maximum debt to income ratios that are considered.(typically 43% to 45%). As far as what you can afford, you should leave that to the pros to calculate... Typically, most folks ( and some loan officers) don't calculate income and debt correctly.. for this reason, it's best you contact a local mortgage broker and let him look at your complete profile.. it takes 10 minutes, and he can tell you exactly what you will qualify for... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Oct 30th 2014


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