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Alimony Mortgage Qualification

The loan business expanded into a mortgage industry and that is when the problems began. The current rules suggest a two year employment history or business history to qualify. What about recent.

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Refinancing a mortgage or purchasing a home after a divorce can be challenging. Knowing some basic requirements will help you know what to expect before applying for a mortgage. There are very specific guidelines regarding the use of support income (child support and alimony) as income to qualify for a mortgage.

Most mortgage originators know that if you have less than 10 payments remaining with alimony or child support payments, it may not have to be factored into your qualifying ratios (debt to income) as long as the payment doesn’t impact your ability to pay the mortgage following closing. A borrower needs to be well qualified with plenty of savings for an underwriter to support this guideline.

Paul Skeens, president of Colonial Mortgage Group in Waldorf, Maryland, says the flexibility “really helps” in qualifying buyers with high-debt burdens because of student loans, medical bills, alimony.

 · Another qualification a Florida family law judge must consider is whether any other form of alimony is appropriate. If an award of alimony that is only temporary can be found to be appropriate than an award of permanent alimony in Florida is not appropriate.

Mortgage Qualification Calculator. This mortgage qualification calculator helps you see how much money you can afford to spend on your home. We’re using the same formulas and criterion that would be applied to you if you if you were applying for a mortgage through a broker or a bank.

6 Alternative Forms of Income that Can Qualify You for a Mortgage. You’ve found your dream home. There’s one problem:. Here is a look at some of the non-traditional forms of income that might help you qualify for a mortgage. Alimony payments.

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