When asked for income, is the gross income or the take home amount?

Typically for Employed individuals, we use the gross monthly income before any payroll deductions. If you are self-employed, or are a 1099 type worker, then we use the Net taxable income of the business enterprise (your share if you are not the sole owner). To this number, we add back certain deductions that are allowable, such as depreciation. Hope this helps.Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.Licensed in AZ, CA, GA, IL, OR & WA... In fact, NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000.

For your standard regular everyday loan, it is gross income. I lend in MN WI IA SD ND. Reach me at JoeMetzler.com, Cambria Mortgage, NMLS 2745132