Home Buying in 11373>Question Details

L, Home Buyer in 11373

i'd like to buy a coop and my tax form is 10-99, the board will check on my total gross income or net income ?

Asked by L, 11373 Sat Mar 5, 2011

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Hi L, Many coops will do a DTI (debt to income ratio) which will include your expenses.(What percentage your expenses are to your income) Not unusual to see 26%-36% DTI. Most important is your credit score, what the % down payment you have to work with -should narrow your search real quick. For your specifics call me Terry K 718-614-3167 cell or email me Therese.Korahais@elliman.com
0 votes Thank Flag Link Tue May 3, 2011
Generally the net is considered...your agent can best advise...
0 votes Thank Flag Link Sun Mar 6, 2011
It would be your "net" income - what you actually bring home as income after expenses and debt.
You should seek advice from your CPA so you would have accurate figures.
0 votes Thank Flag Link Sat Mar 5, 2011
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