How is child support and alimony treated for qualifying for a mortgage?

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How is child support and alimony treated when qualifying for a mortgage?

Jason Conger Financial Advisor

Answered By

Jamie Minster

Mortgage Loan Officer

jamie@jamieminster.com

 

Question

How is child support and alimony treated when qualifying for a mortgage?

 

Answer

 

In order for support to be utilized as qualifying income, the following criteria are required.

  • It has been received for:
    • 6 months, with a conventional loan
    • 3 months with a VA loan
    • 12 months with a USDA loan
    • 3 months with an FHA loan
  • It must continue for a minimum of the next 3 years after the closing date.
  • It is documented with a divorce decree, separation agreement, court-ordered or other legal written document is in place.
  • Voluntary payments are not typically acceptable.
  • Proof of receipt is required, by way of canceled checks or bank statements.
 

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How do you get a mortgage without a regular salary?

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Ask an Expert – How do you get a mortgage without a regular salary?

Jason Conger Financial Advisor

Answered By

Marla Barch

Mortgage Lender

Marla.barch@myccmortgage.com

Question

How do you get a mortgage without a regular salary?

Answer

Qualifying for a mortgage requires you to have a stable “income” that is likely to continue. However, there are lots of acceptable “income” types beyond a regular W-2 job, such as

  • Self-Employed Income
  • Child Support
  • Alimony
  • Social security
  • Disability Income
  • Rental income from Investment Properties
  • Retirement Disbursements
  • Trusts
  • Royalties
  • Adoption Subsidies
  • Student Stipends
  • and more!

Additional options include having a family member with stable income co-sign or using the “asset depletion” program, which means you have enough savings/investments to pay your mortgage and other bills with monthly withdrawals.

Since the requirements will vary based on everyone’s unique situation, I recommend scheduling a custom consultation to review your goals, budget and qualifications in more detail.

We will provide you useful and timely information you can use to be #financiallyfearless