Tag: separated borrowers

Calculation of Income When Married Borrowers are Separated

Question: My client is separated from her husband. They have not lived together in over a year, but are not legally separated. She is a first-time homebuyer and has never owned a home. Do I have to account for his income, because they are still legally married, even though they are not living together? Answer: […]

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Married Veterans Separating & Refinancing a Property

Question: My client and her husband are both Veterans.  Both of them are on the current VA loan, yet we only used her VA benefit.  They have decided to divorce, but the paperwork is not finalized. She is moving to another state and would like to buy another home using her VA benefits and her […]

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USDA – Income Requirements – Separated Borrowers: What are the rules for a recently separated borrower regarding income eligibility?

Answer: Following are the guidelines, but pay particular attention to the 3-month rule if you do not want to count the spouse’s income. Reference: HB-1-3555 Include the income of an applicant’s spouse, unless the spouse has been living apart from the applicant for at least three months (for reasons other than military or work assignment), […]

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