Profile picture for Pep dean

My only income is spousal maintenance, can I qualify for a loan?

  • July 24 2011 - Gilbert
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Answers (3)

In today's market, I highly doubt it.  However, I am not a lender.  Call a local lender and ask, I have had good transactions with Nova Home Loans.  Most lenders will have a free conversation with you, see where you stand and if you are pre-approved, for how much.  If not, no worries as they can tell you what you can work on and what to expect in the future so that home ownership can become a reality for you.  Based on experience I have had with clients, becoming pre-approved you are going to need more income than that, but then again I dont know how much income we are talking about, if it is high enough you could still qualify.  Call a local lender, see where you stand as it is a free conversation to have.  Best of luck.  Spirit
  • July 25 2011
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Like wetdawgs is alluding to - it needs to continue for the first 3 years of the mortgage as well as you must have been receiving it for the past 12 months (less than 12 months can be acceptable depending on the circumstances).  A divorce decree, court ordered separation agreement, court decree, or any other legal agreement confirming the payments will continue will be needed (it can even be voluntary, but it has to be a legal agreement).  It cannot just be a verbal or non-binding agreement with a history of payments.

So being that is your only income, that income is what you'll have to qualify with.  To figure out how much you can qualify with, a safe estimate is 31% of the gross monthly income is what you can spend on a housing payment, and when you add in your other consumer debt payments (car loan, credit cards, student loans, etc.) it shouldn't be any higher than about 45%.  Higher than those ratios can qualify if you have compensating factors such as great credit, more than the minimum down payment requirement, and/or money ("reserves") still remaining after you close.
  • July 24 2011
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Can you demonstrate in your papers on the subject that it will continue for at least 3 more years? 
  • July 24 2011
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