If you are in Georgia and are receiving alimony from your ex-spouse, you may qualify for mortgage by showing these payments as regular income, but you will need the help of an experienced Atlanta family law attorney. Atlanta lawyers are considered to be the best in the state of Georgia. But, before you hire one, make sure you do a thorough background check by reviewing their credentials. You can contact your local bar council for this. Involvement of alimony affects both the parties – the person who is paying it and the person who is receiving it. Where the receiver can show this as a regular monthly income and thus can get his/her chances of mortgage approval maximized, the payer will have a tough time getting approved for a mortgage, as alimony for him/her is an additional financial liability. Besides that, even if you are on the receiving end, the mortgage company will consider several other factors as well to determine your eligibility.
Length And Amount Of Payments
A good Atlanta family law attorney can help you qualify for a mortgage program easily, more about which you can find if you try this site, especially if you have been receiving the alimony payments for at least the last twelve months. The amount of the payments also matters; it should be high enough to make your overall monthly income at least fifty-five percent more than the overall monthly debt that you owe to different creditors. Reputable companies are much stricter with their policies; they consider alimony as a source of income only if you have been receiving it for at least the last three years. You will have to provide the relevant documents that should show the amount of money you have been consistently receiving and for how many months. Even if it is just one year old, you still have your chances to show it as income, but for that, you will have to provide proof that you will keep receiving the same for at least the next two years. It means temporary alimony cannot be considered as a source of income when it comes to qualifying for a mortgage program.
Receiving Mortgage Payments As Alimony
An Atlanta family law attorney can represent your case in such a way to convince the court to order your ex-spouse to pay your monthly mortgage payments instead of alimony. Such provisions are likely to occur when both parties agree to reach a divorce settlement. As per this type of settlement, you will be having the home in your name while your ex-spouse will be liable to make the monthly mortgage payments.
Documents To Prove The Payments
Though some companies do accept your bank account statement as a proof of alimony payments, most mortgage lenders will require you to provide a copy of the court order regarding alimony. The court order must clearly explain how much amount you would receive every month and for how long. If it was a mutual agreement (and not a court order), you will have to show the copy of that agreement (obviously, it has to be a written agreement).
Overall, having an expert Atlanta family law attorney on your side can make things much easier for you when it comes to qualifying for mortgage with alimony.