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...]

Low Down Pmt Alternative to FHA

FHA has been the mortgage of choice for many Arizona home-buyers largely due to the low down payment requirement FHA offers (3.5% down).  As FHA mortgage insurance costs continue to rise homeowners fear that they are stuck with nowhere to turn.  Well fear not!  There are now low down payment alternatives to an Arizona FHA home loan. As FHA has continued to increase the cost of a home buyer's monthly mortgage insurance and make it impossible for mortgage insurance to be eliminated naturally, … [Read more...]

Tax Return Timing & Mortgage Approval

Have you filed your 2012 taxes yet?  If not, what are you waiting for!  One of the most important pieces to the Arizona mortgage approval is a a loan applicants tax returns.  This time of year (tax season) can get a little tricky with regard to timing up mortgage approval relative to filing your taxes with the IRS.   The date an Arizona mortgage applicant files their taxes can be the difference between loan approval and loan denial!   If a borrower is self-employed or commissioned and their … [Read more...]

Arizona VA Loan Approval Tricks

If a VA borrower is having trouble obtaining approval on an Arizona VA mortgage (due to the fact that the automated underwriting systems used by VA lenders DU and LP) do not give up!  There are 3 tricks that a loan officer can use to help turn a denial into an approval!   These tricks involve tweaking the veterans mortgage application to try to help that particular VA home buyer meet VA home loan guidelines. What to tweak and how to tweak it, that is the question.  VA mortgage guidelines are … [Read more...]

Rental Income When Relocating

What do you when you are relocating to a new city and you are trying to qualify for a new home loan when you already own a home?  More specifically, what are your options if you plan on keeping your old home and turning it into a rental property?  Can you use that rental income to offset the existing mortgage payment on your old property to help you qualify for a new FHA, VA or Conventional mortgage?  The answer depends on what type of mortgage you are using to finance your next home purchase. … [Read more...]