Are you receiving Alimony, Child Support, or Separate Maintenance? If so, here are some important tips. Generally, you will need a legally binding agreement outlining the payments received. However, FHA loans will allow for voluntary payments when adequately documented.  There are also requirements for how long you have been receiving the payments and how long the payments will need to continue to use the income to qualify for a home.  Let’s talk, and I’ll fill you in on all the details for your situation!
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Are you receiving Alimony, Child Support, or Separate Maintenance? If so, here are some important tips. Generally, you will need a legally binding agreement outlining the payments received. However, FHA loans will allow for voluntary payments when adequately documented.  There are also requirements for how long you have been receiving the payments and how long the payments will need to continue to use the income to qualify for a home.  Let’s talk, and I’ll fill you in on all the details for your situation!

ByBrandon Butler

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Great News for Freddie Mac conventional home loans!  If you have applied for an installment agreement for taxes owed to the IRS, Freddie Mac will now allow lenders to provide a copy of the application outlining the balance and the terms requested. To calculate your monthly obligation, lenders will take the GREATER of the monthly amount on your application OR divide the balance owed by 72. Previously, those looking to finance a home had to wait on the IRS backlog for the formal agreement.  If this is your situation, let’s talk!
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Great News for Freddie Mac conventional home loans!  If you have applied for an installment agreement for taxes owed to the IRS, Freddie Mac will now allow lenders to provide a copy of the application outlining the balance and the terms requested. To calculate your monthly obligation, lenders will take the GREATER of the monthly amount on your application OR divide the balance owed by 72. Previously, those looking to finance a home had to wait on the IRS backlog for the formal agreement.  If this is your situation, let’s talk!

ByBrandon Butler

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.