If your income is tax-free do you qualify for a higher mortgage amount?
Posted on July 4, 2009
Filed Under Mortgage | 1 Comment
cng asked:
I get disability which is tax-free. All the mortgage affordability calculators assume I pay taxes on my income. I’d like to buy a little house since the mortgage would be cheaper than the outrageous rent here. I don’t want to move because I am finally getting the healthcare I need and have support here.
I get disability which is tax-free. All the mortgage affordability calculators assume I pay taxes on my income. I’d like to buy a little house since the mortgage would be cheaper than the outrageous rent here. I don’t want to move because I am finally getting the healthcare I need and have support here.
Will the fact that my income is tax-free help me get a higher mortgage amount. Since my income is low I will need as much as I can qualify for.
I would qualify for a VA loan. I have no debts, but not very much money saved up.
SANFORD
Comments
One Response to “If your income is tax-free do you qualify for a higher mortgage amount?”
RHEBA
No, if that is as high as your income is everyone will be tax free if they own property, the government refunds it. That is why they look at gross income, not net.