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Want to buy a home-Relocation from SoCal and only income is alimony/child support. Court Documented.

Can anyone help me?  Can PROVE Annual income of $100,000 year minimum ( per court order)  I have no work history for last 10 years, but am an attorney by education and practiced prior to staying at home with 2 disabled children.   Can put 20% or more down on property and my debt is virtually nill- just student loans and car payment. Can anyone help me?? thanks
  • October 18 2013 - Frisco
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Answers (9)

Yes I think I can help you.  Please feel free to contact me via my profile. 
  • October 26 2013
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You would need to show that this income is not a short-term temporary income. This should allow it to count as long as it's long-term. I would recommend that you speak with a lender directly because it would be more efficient and helpful for you. Lenders like myself would be happy to speak with you to help you get the loan that you need. If you have any other questions or need a loan please contact me through the information on my profile page. I hope this helps and good luck!
  • October 22 2013
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You have the same scenario as medical students that have a stipend from a medical school.  Wayne is spot on with this answer.  Need to document that the income is guaranteed for at least 3 years.

Naima
  • October 19 2013
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Your income for qualifying would be determined by Divorce Decree. If that income is verified as being received for past 12 months, and has at least 3 yrs remaining it would count. Typically child support is until each child reaches 18 yrs of age, and you may be receiving additional SSI income.
Contact me thru my Profile if you would like to discuss the Pre Approval process as I am in Plano.
  • October 19 2013
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Since that is your sole source of income you would most likely need to provide evidence that you have been receiving the support for at least 6 months and possibly up to a year.  This can be done through bank statements or cancelled checks. 
In addition to that you would then need to prove with a court order or other documentation that it is likely to continue for an extended period of time.  Typically conventional financing requires reasonable belief that your income will continue for at least 3 years.  However, since this is your only source of income and if there is a set end date, the Lender may require a longer period.

  • October 19 2013
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If children are disabled then benefits possibly have no set expiration date.
  • October 19 2013
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Wetdawgs nailed it..... How likely is the support to continue..... If very likely, then it is acceptable income.
  • October 18 2013
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I'm assuming your "annual income" is either child support or alimony. I would get a certified copy of your court order as well as a certified copy of the payment history (if ordered to pay through the court registry), or bank statements showing proof that that money has been deposited regularly for a minimum of one year. I would then ask for recommendations for a lender in your area and speak with a lender regarding your situation The other option is to look for an owner/cary or lease/purchase.
  • October 18 2013
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How many years (in the future) is your income as alimony/child support guaranteed.
  • October 18 2013
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