Alimony Post Divorce for Home Loan

Using alimony income/spousal maintenance income to qualify for an Arizona mortgage is perfectly normal and acceptable.  Can it be used as soon as one starts to receive it?  There are a few simple rules that typically apply (we will come back to "typically" in a moment) when including alimony income on a mortgage application: Alimony Income Mortgage Rules 1. Income terms (amount and frequency) must be clearly documented on a final/official divorce decree 2. Income must be set to be received at … [Read more...]

Military Reserves & VA Home Loans

An Arizona VA mortgage is a great loan option for eligible and qualified military veterans but what about those that are currently in the military reserves?  Are they eligible for a VA mortgage when looking to purchase or refinance their Phoenix area home? Good news, the answer is most definitely YES!  However, Vets in the Reserves heed this warning:  tread carefully!  A veteran who is currently in the Reserves must make sure their mortgage lender breaks down their income with a fine tooth … [Read more...]