I am newly divorced and need to refinance the marital home so it is in my name only.  I do not have a job, but have Child Support and Alimony coming in, with all the new Lender rules in place will I still qualify.  I have a credit score of 804 and at least 6 mos of reserves in the bank.

Carol,

It depends on the terms of your alimony and child support. You can use this type of income if three years of continuance can be documented for conventional financing.

Feel free to contact me directly if you have any additional questions.

Take Care,

Jason

Carol,

You will be able to count the child support and alimony as income.  Generally, your income must be at least twice the amount of thr monthly house payment plus any other monthly payments that show on your credit report.

Carol, the child support and alimony must be court ordered and you will need the final recorded divorce decree. Also, you will need to show receipt of payments via cancelled checks unless they payment is payroll deducted. Make sure your ex can provide cancelled checks. It varies from lender to lender on how many months of receipt must be documented. I have done it with as little as 3 months.

Also, the end date for child support will be when a child turns 18 even if it may conditionally continue afterwards. So, if a child is turning 15 prior to closing, you will not be able to use that as qualifying income.

Good Luck!