Divorce mortgage lending | Using Voluntary Support Payments to Qualify for a Mortgage

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Having trouble qualifying for a mortgage because your child support or alimony payments are not court ordered? This video contains some good news. It is possible to use voluntary, non-court-ordered support payments as part of your loan qualifying income. You just have to follow the guidelines outlined in this video.

In this video:
00:00 - Introduction
00:10 - Voluntary support vs. Court-ordered support
00:36 - If you don’t have a court order…
00:56 - All is not lost, though
01:36 - Income for lending must check two boxes
01:57 - Documentation!
02:14 - A written agreement is required
02:45 - What if your ex is a little inconsistent?
03:24 - What if they are extremely inconsistent?
03:38 - Timing matters!
04:02 - Did I mention timing is important?
04:22 - A few other bits of wisdom
05:35 - Cash is a challenge
06:32 - Important final note

Click here for my full Divorce Lending playlist: https://www.youtube.com/playlist?list=PLK5a62WXWP1zUKMZKgWJmZiOpitmEq_mH

Julee Felsman, SVP of Mortgage Lending NMLS 120831
Guaranteed Rate, Inc.; NMLS #2611. Equal Housing Lender.
www.nmlsconsumeraccess.org
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Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information. By refinancing, you may pay more in costs and interest over the extended term. Sample rate provided for illustration purposes only and is not intended to provide mortgage or other financial advice specific to the circumstances of any individual and should not be relied upon in that regard. Guaranteed Rate, Inc. cannot predict where rates will be in the future. Guaranteed Rate has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency.

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