Not all qualifying income comes from a paycheck. If you’re retired, receiving Social Security or disability benefits, collecting alimony or child support, or drawing income from investments or a trust, that income can often be used to qualify for a mortgage — but each type comes with its own documentation rules and quirks.
This rounds out the income series I’ve been building — if you haven’t seen the others, they cover salary, hourly, and variable income, bonus, overtime, and commission income, RSU and restricted stock income, self-employed and 1099 income, and rental income. This post covers everything else — income you receive independent of currently working. [Read more…]
Divorce and separation create real mortgage qualifying challenges — particularly when alimony or child support payments are involved. Understanding how lenders treat these obligations can make a significant difference in how much home you qualify for, and which loan program works best for your situation.
