Can I qualify with just one income when it took 2 incomes to buy the home?
If you have a work history for the past two years, you may be able to qualify on that income alone.
I will be getting child support, will that count as income?
A lender does count child support as income if:
• It is court ordered child support and you have received three months of the income.
• Or if it is voluntary child support, then you must show 12 months of that income, and there must be 3 or more years of child support remaining (lenders take the child’s age into account).
I have to pay my spouse, but the value of the house has gone down. What do I do?
If the loan amount is below $417,000, you can get up to a 90% loan on the value of the home with Fannie Mae, and 97.75% with FHA to pay out your former spouse.
This is not considered a cash-out, and you will still get an excellent rate, though you will pay PMI (primary mortgage insurance).
You can also pay some of the equity from the property, and some from other assets, if you have them.
My spouse did not pay the bills while we were separated…
Yes, and unfortunately this is a common dilemma.
You can get a loan with as low as a 640 credit score. And depending on when these “slow pays” were made, they may not be affecting your credit rating much anymore. As with our hurt emotions, the passing of time heals our credit as well.