Will alimony be considered in my loan application?

The answer is, it depends. If you are paying alimony they will count the debt against you. If you are receiving alimony they will give you credit for it as long as you have been receiving it for at least 6 months and you will continue to receive it for 3 years. They will also require that you have another verifiable source of income other than alimony. Depending on the program your alimony may not represent more than 30 percent of the total gross income that is used to qualify you for a mortgage. I would suggest getting in touch with a local loan officer and have them review this with you depth as it will be worth your time for sure. Best wishes, Sean

Alimony counts as a debt for the person paying it just like a car payment. The person receiving it can count it as income as long as it is received regularly and that can be documented.

As long as it will continue for three years from the date of closing.

Yes and you must evidence of on time payment

Yes, either as a debt or as income.

Paying or receiving?

the answer is simply yes.either as income or expense

Yes. It will effect you debt to income ratio.