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Divorce Mortgage San Diego - Spousal Support Income - The Rule of 6/36
What are the rules for using Child Support and/or Alimony as "Qualifying Income" for a Mortgage Loan Application?
 
There is often a disparity between "Real Income" (the amount of money we actually receive) and "Qualifying Income" (the amount of income that is recognized on a mortgage loan application).  With regards to receipt of Alimony and/or Child Support, this disparity is often accentuated.  Below are a few things that need to be known by all Divorcing Homeowners and/or the Professionals who serve them.  Divorce Mortgage guidelines are unique.
 
"The Rule of 6/36" (Part 1)
 
The first number (6) pertains to "historical receipt of income.  The idea behind this emphasis is to determine if the agreed upon payment is actually being made by the Payor in a manner that is consistent with Fannie Mae and/or Freddie Mac (aka "Fannie/Freddie") underwriting guidelines.  As Fannie/Freddie create the guidelines that Mortgage Lenders across the country use when originating "Conforming/Conventional" Mortgage Loans, we need to understand the guidelines as they are written...especially as they pertain to divorce mortgage.
 
To be deemed reliable & consistent income, we must review no less than 6 months of payments received by the Borrower (Payee) from the Ex-Spouse (Payor).  These payments must be full, regular and ... more

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