Alimony Income Guidelines Below For Different Mortgage Loan Programs
Conventional Loan
- Final Divorce Decree, Separation Agreement, Court Decree, or any other type of written legal agreement recorded with the courts.
- Receipt of most recent 6 months of total court ordered amount & scheduled timely payments as per the terms of the court order/written legal agreement.
- Court order/Written legal Agreement stipulates that alimony will be paid for at least 3 years after the date of the Note/Closing.
FHA Allows Some Flexibility
If the borrower has a:
- Final divorce decree, Legal separation agreement, or Court order
- Receipt of recent 3 months of total court ordered amount & scheduled timely payments as per the terms of the court order.
- 3 Legal documents noted above stipulate that alimony will be paid at least 3 years after the date of the date of the Note/Closing.
If the borrower has a:
- Voluntary payment agreement
- Document the voluntary payment agreement with the most recent 12 months of cancelled checks, deposit slips or tax returns
- If the borrower has received consistent alimony Income for the recent 6 months, you may use the current payment amount to calculate effective income, if the amount has not been consistent, then the income must be averaged over the previous two years of receipt
- Document the income will continue for at least 3 years from the date of the Note/Closing
VA Requirements
- Divorce Decree that stipulates alimony will be paid for at least 3 years after the date of the Note/Closing
- Proof of regular and scheduled deposits on bank statements for most recent 3 months
Joel Lobb
Senior Loan Officer
(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
Company ID #1364 | MB73346
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