Home Buying in Bakersfield>Question Details

Amy Orque, Home Buyer in Bakersfield, CA

Can I purchase a home using alimony as my main source of income?

Asked by Amy Orque, Bakersfield, CA Mon Sep 16, 2013

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Answers

9
Yes you can. Most lenders will require that you provide the full copy of your divorce decree showing the order and you will need to show 6 months of receipt and documented proof of at least 3 years continuance.
1 vote Thank Flag Link Mon Sep 16, 2013
No problem. Please contact me if you would like a pre-approval.
Flag Mon Sep 16, 2013
Thank you so much! for your quick response!!!!!!!!
Flag Mon Sep 16, 2013
Yes this is possible! You will be required to show legal documents to prove this but it is still possible. I recommend speaking to a loan office like myself to figure out more information about this situation. Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Wed Feb 19, 2014
Now that you know that alimony can work, consider shopping 3 lenders in the area you are buying and compare rates and fees once you know if you qualify. I am very competitive and love giving out fee sheets along with my rate sheet. I am a very fast direct lender and large wholesale lender. What I need from you to send you a fee sheet: 1. Type of loan (FHA, Conv, etc), 2. FICO score, 3. Purchase price and down payment amount, 4, property type (Condo, 1 unit, etc) and your email. I will send you and est. fee sheet along with my rate sheet so you can compare lenders. Bakersfield has a lot of good lenders but we all price differently. I have saved loan shoppers thousands of dollars.

If you have tried to qualify but was denied a loan let me know why. I have very liberal guidelines or no overlays above 580 FICO score. FICO scores between 500-579 have more restrictions and require 10% down. If you only have one credit card or credit rating on your credit report and it is only 6 months I would most likely be able to do the loan without other credit or rental history. I generally don't need collections paid of at all. I don't do appraisal reviews, but I do allow appraisal transfers for FHA and conventional. I can also gross up alimony income 125% and I can do 57% debt ratios on FHA if you can afford the house payment(i.e. have other income the underwriter will not look at or can't use)

I promote shopping since it's your money and you can save thousands of dollars. Try to keep it to 3 lenders though.

Mark R. Barrett
Loan Officer
C2 Financial Corp
5330 Office Center cr #61
Office: (661)544-8787
Fax: (888)908-1271
DRE LICENSE #: 01438387, NMLS #: 279056
markbarrettreverse@gmail.com
0 votes Thank Flag Link Sun Oct 6, 2013
Yes, you can. Call or stop by our office on California Ave if you'd like a free prequalification.

All the best,
Chasity Goodson
MLO 317122
http://www.clarityhomeloans.com
(661) 322-LOAN (5626) office
(661) 206-4029 fax
0 votes Thank Flag Link Tue Sep 24, 2013
Looks like you have your answer Amy, but we always recommend our Buyers visit with a reputable mortgage lender to determine exactly what they qualify to buy - Good luck!
0 votes Thank Flag Link Mon Sep 16, 2013
yes you can! I would love to give you more details and walk you through your home buying process. Please give me a call or email me!

Alexandra Weishaar
Purchase Coordinator Representative
901 Safari Drive Suite 105
Columbia, MO 65202
Office: (855)616-8567
Cell: (573)239-8565
Fax: (573)441-0842
alexw@gnblending.com
http://www.gnbhomeloans.com
0 votes Thank Flag Link Mon Sep 16, 2013
Yes.
You must be able to show both Marriage Settlemnt Agreement (filed with county) and evidence you have been receiving the payments.
You would need to show either cancelled checks or current bank statements s showing the amount going into your account on a monthly basis.
0 votes Thank Flag Link Mon Sep 16, 2013
Looks like you got a really good answer below.

Let me know if you need a purchase loan for the property or want to get pre-approved (this will increase the chances of your loan being accepted) because I can certainly help you out there. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
0 votes Thank Flag Link Mon Sep 16, 2013
My most liberal set of guidelines (every loan type has different guidelines) says you must have received it in a timely manner for at least 12 months. The underwriter might only ask for 12 months of cancelled checks, that might be the tricky part if your ex isn’t co-operative.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Mon Sep 16, 2013
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