When Applying for a Mortgage Do They Look at Net or Gross Income?

Answer

To my knowledge mortgage companies look at gross income. When they are considering your application they look at your gross monthly income compared to the monthly mortgage payment.
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Net Income would be after deductions (Taxes on Earnings/ Levies / Contributions- UIF etc) and would be the actual amount payed to the typical worker. Gross Income would be before
http://wiki.answers.com/Q/What_is_the_difference_b...
Wow this guy who said gross must not know much about underwriting. It all depends on what you do for a living my man. If you're self-employed, your Schedule C is going to be the key
http://answers.yahoo.com/question/index?qid=200804...
Manu, your 45 or 55 is total debt, not mortgage payment. Also, from what others have said, you should discuss this with the lender you plan to use, as there is a lot of variation.
http://www.trulia.com/voices/Financing/What_is_the...
The total income that your household earns in a year after tax. So yeah the net income.
http://uk.answers.yahoo.com/question/index?qid=201...
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