Question

What is the total gross monthly income that can be considered for the qualification of the mortgage loan applicant, who is a salaried employee with a bi-weekly income of $1,350 and receives $500 per month in alimony?

Answer 1

The total gross monthly income for the mortgage loan applicant who earns $1,350 bi-weekly and receives $500 in alimony is $3,200.

Step-by-step explanation:

To calculate the total gross monthly income of a mortgage loan applicant who is a salaried employee with a bi-weekly income and also receives alimony, we first have to determine the monthly income from the salary. Since there are typically 2 bi-weekly pay periods in a month, we would multiply the bi-weekly income of $1,350 by 2. This results in a monthly salary of $2,700. Next, we add the monthly alimony received, which is $500. Therefore, the total gross monthly income that can be considered for qualification of the mortgage loan applicant is $3,200.