Blog Category: qualifying

June 5th, 2021 divorce
June 5th, 2021

Getting A Mortgage Loan With Child Support And/Or Alimony

Getting mortgages with child support and alimony is difficult. I have people ask me what the requirements are to count alimony or child support income towards qualifying for a mortgage.

First we need a copy of a divorce decree. Or the separation agreement if the divorce is not final. That explains all the terms of any alimony and child support. And any other financial arrangements that may have a positive or negative impact on your mortgage application. Read More

Categories: Loan Process, mortgage, Underwriting Rules, , , , ,

November 28th, 2017 pie chart
November 28th, 2017

What Portion of My Income Should I Spend on a Mortgage?

What portion of my income should I spend on a mortgage? Deciding on how much mortgage you can afford is very complicated with several things to consider. Before you plan to spend the maximum amount you’ve been approved for, consider what you feel comfortable with. And don’t treat your home purchase like a zero-sum game. Consider spending a sufficient amount to buy enough house to keep you happy for a longer period of time. This is due to the hefty transaction costs of real estate. Read More

Categories: credit, housing values, mortgage, , , , , ,