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Showing additional on a mortgage application and does a lender look at gross or net income?

I plan to to try to buy a house in one year. If all goes well I should be making 52000$ or about 43000$ take home. Does a bank/lender look at your take home or your gross? Also, will a bank/lender consider the money my husband gives me for half the bills (about $600 a month) as additional income even if that extra money is not court ordered like child support or alimony? I will be the only one on the loan with no cosigner due to his bad credit.  
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September 12 2012 - US
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Answers (2)

Money exchanged between married couples is not income to either one. For example, a stay-at-home mom or dad would depend on the other spouse to give them expenses. That does not make it income to the stay-at-home dad or mom.

Your loan officer should guide you through that maze. There are a lot of disclosures required on form 1003.

Raheel Shahzad, Attorney, CPA, Real Estate Agent
Chicago, IL

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September 13 2012
Lenders use your gross income to determine debt-to-income ratio. Other than that you really need to talk to a lender to get some answers.They will tell you exactly what will be looked at and how things will be reviewed.  If you like the lender they will go ahead and get you pre-approved.

Good luck!
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September 13 2012
 
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