Alimony Mortgage Qualification

You’ll also need to list all liabilities, which include revolving charge accounts, alimony, child support. a DTI ratio at or below 43% of their gross monthly income to qualify for a mortgage. The.

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– If a court has ordered you to pay alimony and you’re trying to buy a house, the lender will deduct your payments from your income. It’s a legal obligation, so a spotty payment history will hurt you, just as it would hurt your ex if she’s trying to use your alimony obligation to help her qualify for a mortgage.

A 15 year mortgage is (15 x 12) or 180 payments, conversely a 30 year mortgage is (30 x12) or 360 payments. Enter an interest rate. You can enter the interest rate as a percentage or as a decimal. Enter the purchase price of the home. Enter the amount you plan to borrow, also called the principal or the amount of the mortgage.

Mortgage Income Requirements – Alimony and Child Support. – When it comes to conventional financing, there are a few basic guidelines to follow to know if you can use your alimony and/or child support income as qualification for a new mortgage. 1. Alimony and/or child support must be considered as stable income for qualifying for a mortgage

If you receive alimony payments, you can use the income to qualify for your mortgage if the payments have been steady for the past six months and will continue for at least the next three years. If you receive alimony on a sporadic basis, then it can’t be used to help qualify you for a larger monthly mortgage payment.

Lenders have the ability to count alimony payments as income, which improves your ability to get a mortgage. The guidelines on how alimony may be used to qualify for a mortgage vary by lender and. Mortgage Pre-Qualification. Mortgage Loan Log In Mortgage Loan Help. Co-Borrower Monthly Income.

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A mortgage company will be able to use this as income towards qualifying for her mortgage by producing 6 months of bank statements and copies of the checks showing a check for $1,100 and deposits for $1,100. To conclude, it is possible to include child support as income toward qualifying for a mortgage application.