Mortgage Glossary
Gross Monthly Income
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Gross monthly income is a borrower's total monthly earnings before taxes and deductions, the figure lenders use for qualifying ratios.
What Gross Monthly Income means
It includes salary, self-employment income, and other stable, documented sources. Lenders calculate DTI and housing ratios from gross, not net, income.
Florida example
A Florida borrower earning $84,000 a year has $7,000 in gross monthly income. Lenders measure their mortgage and debt payments against this number, not their smaller take-home pay.
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