Alimony Mortgage Qualification

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Can I use child support or Alimony as Income? 303-738-3838 To find this number, add all monthly debt payments and other financial obligations, including mortgage, loans and leases and child support or alimony, then divide by. Even if you do qualify, think.

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However, due to the inconsistent nature inherent in some child support relationships, there are a number of rules that apply to getting the child support payments to qualify as income for a mortgage applicant. Below are 4 tips to use in advance of your mortgage application to make sure child support income can be included by your mortgage lender.

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Qualifying. Income. When qualifying for a loan, lenders customarily use your gross income to determine the monthly mortgage payment you can afford. Gross income may also include the average of overtime, commission, and bonus pay. You may also include child support and/or alimony, if you wish to have them considered and can show a history.

B3-3.1-09: Other Sources of Income (12/04/2018). Document that alimony or child support will continue to be paid for at least three years after the date of the mortgage application, as verified by one of the following:. the income does not represent more than 30% of the total gross income.

4) Mortgage interest deduction loweredThis one affects future. 5) Certain deductions are goneSay goodbye to deductions for alimony payments, moving expenses, tax preparation, the deduction for.

 · 1. Alimony and Child Support. If you receive alimony or child support, you can use it for qualification, but you’ll have to show that the income will continue for at least three more years. You’ll also need court documents, such as a copy of divorce decree or a written agreement describing the payments. 2. Boarder or Rental Income

If you are paying child support and alimony to another person, generally the amount paid out is deducted from your total income before determining the mortgage amount that you would qualify for. If you are receiving child support and alimony from another person,

says the flexibility “really helps” in qualifying buyers with high debt burdens because of student loans, medical bills, alimony payments. Portfolio Mortgage Corp. who is based in New Lenox, says.

This page has been prepared to help you make the important decisions involved in buying and financing your home.