Q:I’m about 25% of the way through “100 Questions Every First-Time Home Buyer Should Ask,” and I’m so grateful I purchased your book.

Regarding figuring out our gross monthly income (GMI), I have a question for you. My wife made 67,000 last year as a teacher, but that included two separate stipends and overtime she worked during summer.

Any particular monthly paycheck would probably not project a yearly income of $67,000. So, should I just divide her 67,000 by 12 to get her portion of our GMI or should I first remove the stipends and overtime pay?

A: Is your wife going to teach again this summer? That’s what a lender will want to know. You have two choices. You can bring in a copy of your tax return that shows all of your income, or you can simply use your wife’s regular income as the income on which you qualify. Talk to a local lender about what he’d like to see.