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Can you qualify to buy if your only income is child support and alimony?

  • January 24 2012 - Hailey
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Answers (10)

Yes, you can use alimony and child support to qualify for a mortgage.  You will need to provide the entire divorce decree to your lender.  You will also need to show a history of receiving these payments (copies of checks or direct deposits into your account).  You should check with your lender to see how many months they will require.  The divorce decree should evidence that the alimony and child support is going to continue.  If you just started recieving the payments or if you're not receiving them on a regular basis, then you won't be able to use.  Best of luck! 
  • January 26 2012
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as long you have a few years of History of this funds,  
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<sigh>, yet another sign pounder giving incorrect lending info. Having a few years history is almost meaningless and is not the sole requirement; the question is continuance.

some history required to prove the person paying is somewhat reliable, but the key is how long will it continue?  (3+ years needed).



  • January 25 2012
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Yes, as long you have a few years of History of this funds, for more info. Contact a local lender and always go for a second  and Third opinon.
  • January 25 2012
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Do you have a three year written continuance?  Thank you! Lisa
  • January 25 2012
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"  Even at large banks like US Bank, they have a single loan officer that works on these types of programs, not their average mortgage lenders!"

If the average mortgage loan officer does not know how to handle alimony or child support income, I have a suggestion for them.

 
  • January 24 2012
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In addition to the court order and proof of continuance, you also need to demonstrate receipt of the payments for a minimum of 6 months, and in many cases 12 months for it be considered stable and usable as qualifying income.

This is necessary to make sure the support payer isn't "Deadbeat".   

If your qualifying income is insufficient, a co-signer can potentially help.
  • January 24 2012
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Sorry about the upcoming divorce.

I have a home scheduled to close on Friday where the buyer's only income is her social security check.  Since it isn't taxable, we were able to "gross it up" by 25% to compensate.

There are special programs available for low to moderate income families so make sure you team up with a Realtor and Lender that truly work this niche so they know the right programs.  Even at large banks like US Bank, they have a single loan officer that works on these types of programs, not their average mortgage lenders!

Hope this helps!
Jim
  • January 24 2012
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Yes, child support for 10 years, alimony 3 to 5.  Divorce is not yet finalized.  Would it also be helpful possible to have a co signer on the mortgagee?

  • January 24 2012
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" Are your alimony and child support projected to last at least three more years?"

That reminds me of one of the most bizarre underwriter conditions ever. 

Borrower has twins ages 12 if I recall correctly. Wants to use child support to qualify so birth certificates for each child is submitted and copy of court ordered support stating that support is in effect until the age of 18 or death. Underwriter comes back stating that it is not sufficient proof. 

I guess they wanted proof that the twins would not prematurely turn 18 or die before they did. 

In any event, mglwc, it can be used as long as you can prove what wetdawgs stated.
  • January 24 2012
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Are your alimony and child support projected to last at least three more years?

  • January 24 2012
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