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re: Why do they use gross monthly
Posted on 7/9/12 at 12:01 am to LordSnow
Posted on 7/9/12 at 12:01 am to LordSnow
quote:
Income for mortgage amounts? This stupid calc says I can afford a 700k house. While I am OT rich I think this is way high. Why do they use this amount?
The real answer is because most cheat on their taxes, or at least write-off more than they should, so if they used net income no one would qualify. If nobody qualified the bank wouldn't make any money.
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