Note: An exception to the two-year requirement to obtain «guaranteed payments to the partner» is when a borrower has recently acquired nominal ownership of a professional service partnership (for example. B of a medical practice or law firm), after an employment history established with the partnership. In this case, the lender can rely on the borrower`s guaranteed compensation. This must be demonstrated by the borrower`s partnership agreement and supported by evidence of current annual revenues. Before you start to buy a new home after a separation or divorce, it`s important to save some time and get the right information and documentation. If, in the context of a divorce decision, separation agreement or other written legal agreement, the borrower is required to pay child support, children or support – and these payments must be made for more than ten months – the payments must be considered part of the borrower`s recurring monthly debt obligations. However, voluntary payments should not be considered and an exception is allowed for omission. A copy of the divorce order, separation agreement, court decision or equivalent documents confirming the amount of the undertaking must be collected and kept in the credit file. Deferred debt must be included in the borrower`s monthly recurrent debt rate. In the case of deferred debts other than student loans, the lender must obtain copies of the borrower`s letters of payment or leniency agreements so that a monthly payment amount can be determined and calculated and used to calculate the borrower`s monthly liabilities. Note: If a separate borrower does not have a separation agreement that sets child or family allowances, the lender should not treat the proposed or voluntary payments as income. The Homebridge Fannie Mae guidelines have been updated and on Homebridge`s website at www.homebridgewholesale.com If you are already divorced, your lender will be looking for the same information, but it will be your divorce decree instead of a separation agreement.
First, your lender will ask for your separation agreement. If you have a real estate transaction contract, you will also need this. This order, made and signed by a judge, will tell your lender who is responsible for what in the divorce. This is important because it can have a big influence on your qualifying debt-to-income ratio (DTI). Any other type of written legal agreement or court order describing the terms of payment for custody of children or children.