Getting A Mortgage Loan With Child Support And/Or Alimony

June 5th, 2021
divorce

I sometimes 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 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.

In general, we have to review the payment history to determine if it’s been stable income for the borrower. We have to document no less than six months of the borrower’s most recent regular receipt of the full payment. Read the rest of this entry »

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

November 28th, 2017

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 before you 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, due to the hefty transaction costs of real estate. Read the rest of this entry »

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