Kats, Home Buyer in Elephant Butte, NM

can you get a loan on a home with only spousal support as income? The home I am looking at is a little more

Asked by Kats, Elephant Butte, NM Fri Jul 3, 2009

than what I have in cash, so I would need a loan for the rest, about $10,000.

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Yes, spousal support counts as income, but beware that lenders require a minimum of 3 years of continuous spousal support in order for them to consider the spousal support as your income to qualify you for a loan. It has to be 3 years from the day of close of escrow and must be documented in a court order.

I just learned this myself and it really sucks!
0 votes Thank Flag Link Sat Nov 13, 2010
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