Posted on: 12th Dec, 2009 04:29 am
I currently for 10 years live in $800,000 home with mtg. Divorcing husband makes $600,000..wants house to be sold and split...probaly make only $200,000 each. I will be getting $150,000 alimony plus child support. I work pt making $3000 yr. Will I be able to get a mtg on my own. I live in nj.
you will definitely be able to get a mortgage on your own---the question is: can you get a mortgage right away?
most lenders require that you have receive the alimony for a number of months before they will use it as income for qualification for a mortgage. it will also be necessary to verify that it will continue at least three years from the date of the new mortgage.
lenders can "read" in the divorce decree that you will be receiving "so much money per year". until you have a history of receiving it, they have no idea of the ex-husband's ability and desire to pay. to use it as income, a lender will want to see a history of receiving it.
the question now is: what is the minimum number of months a lender wants to see that you received the alimony before they count it as income?
the safe answer is 12 months. if you want to buy before 12 months, we need to ask if any lender will accept less than 12 months verified receipt of the alimony.
fha, for example, may be useable as income if the payer's ability and willingness to make payments is documented. that means, for less than 12 months receipt, the ex-husband needs to cooperate and help by verifying his income for your mortgage.
anything less than 12 months of receipt could be rather iffy.
it may sound a little crazy. if you want to buy right away and have a 50% down payment, you may be able to buy now with a mortgage you can afford, but, do not want. the mortgage rate would be around 9%. that sounds bad, but, after one year you refinance to a "normal" mortgage. i am not suggesting that you do this. i am suggesting you have a choice perhaps---buy after 12 months certainly, or, buy now with a two step process.
most lenders require that you have receive the alimony for a number of months before they will use it as income for qualification for a mortgage. it will also be necessary to verify that it will continue at least three years from the date of the new mortgage.
lenders can "read" in the divorce decree that you will be receiving "so much money per year". until you have a history of receiving it, they have no idea of the ex-husband's ability and desire to pay. to use it as income, a lender will want to see a history of receiving it.
the question now is: what is the minimum number of months a lender wants to see that you received the alimony before they count it as income?
the safe answer is 12 months. if you want to buy before 12 months, we need to ask if any lender will accept less than 12 months verified receipt of the alimony.
fha, for example, may be useable as income if the payer's ability and willingness to make payments is documented. that means, for less than 12 months receipt, the ex-husband needs to cooperate and help by verifying his income for your mortgage.
anything less than 12 months of receipt could be rather iffy.
it may sound a little crazy. if you want to buy right away and have a 50% down payment, you may be able to buy now with a mortgage you can afford, but, do not want. the mortgage rate would be around 9%. that sounds bad, but, after one year you refinance to a "normal" mortgage. i am not suggesting that you do this. i am suggesting you have a choice perhaps---buy after 12 months certainly, or, buy now with a two step process.
thanks, john, for stepping up. i can't explain why i didn't address the longevity of payments needed. i guess i was dazzled by the filthy lucre.
yeah that's what it was - the very same reason i decided to get into banking back when i was young and oh so stupid.
yeah that's what it was - the very same reason i decided to get into banking back when i was young and oh so stupid.