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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 loan. Non-qualified mortgage loans are home loans that do not fall within the CFPB’s definition of a Qualified Mortgage rule.
You are here: Home / Mortgage / Using Child Support or Alimony to Qualify for a Mortgage Using Child Support or Alimony to Qualify for a Mortgage When you are getting a divorce, there are so many things changing.
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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.
When you are on the receiving end of regular alimony payments, you may be able to use alimony to help qualify for a mortgage. In most cases, a mortgage company will count alimony payments as a source of income. Providing the total monthly income is at least 55 percent more than the total monthly debts, you may be able to qualify for a mortgage.
Here’s a short guide to how lenders judge whether or not you qualify. Lenders don’t want your total monthly housing expense, or MHE, to exceed a certain percentage of your gross income. Your MHE.
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.
As long as you can meet this threshold, you should be able to qualify for a mortgage – no matter if you’re relying on straight employment income or a mixture of rental income, alimony payments and disability awards. Here is a look at some of the non-traditional forms of income that might help you qualify for a mortgage. Alimony payments
DTI Mortgage Qualification & Home Affordability Calculator. Estimate Home Value & Monthly Mortgage Payments Based on dti ratios unsure how much you can afford to spend on a house? Use this calculator to figure home loan affordability from the lender’s point of view.
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