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Will alimony be considered in my loan application?

by jadan.ali97.988869 from Buffalo, New York. Jan 24th 2014 Reply


Sean Young (SeanYoung)
#1 ranked lender in Colorado - 1,112 contributions

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

Jan 24th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

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.

Jan 24th 2014
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As long as it will continue for three years from the date of closing.

Jan 24th 2014
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John Schlobohm (jschlobohm)
#20 ranked lender in Connecticut - 18 contributions

Yes and you must evidence of on time payment

Jan 25th 2014
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Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions

Yes, either as a debt or as income.

Jan 25th 2014
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

Paying or receiving?

Jan 25th 2014
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SHAHROKH CHARLES BEROKHIM (mortgageusa)
#87 ranked lender in New York - 68 contributions

the answer is simply yes.either as income or expense

Jan 26th 2014
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Robert Ferruggio (HomeCrest)
#48 ranked lender in New York - 9 contributions

Yes. It will effect you debt to income ratio.

Jan 24th 2014
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