If you receive note income, a home lender will likely require that you have a formal note, have received the payments for at least 12 months, and can document that the remaining term of the note payments are at least 3 years. Questions? Contact me to discuss your situation!
Related Article Title: Calculating Family Business Income in a Buyout Question: A mother and daughter owned a company at 50/50 for years. Earlier this year, the mother retired and sold her portion of the business to her daughter (the other 50%). The daughter’s obligation is to pay the mother $1,000/month for 15 years and we […]