Loan Officer Question - # of Months of Payment from Spouse to count as income for mortgage

[ArmyWifeMBA]

My spouse and I are legally separated (we have a separation agreement which is enforceable in MD)  He is required to pay me $1000 per month of his military retirement. How many months does he have to pay me for it to count towards my income for a mortgage?  Is it 2 months or do I have to wait 2 years like a part -time job?  The CS is several years old and has at least 7 more years, so I know I can count it.

Thanks!

ex-ArmyWifeMBA 

[ShanetheMortgageMan]

3 months is the typical amount of time you'll need to have received the alimony/maintenance income, documented by bank statements or cancelled checks.  Copy of the separation agreement is also required to prove it'll continue for at least 3 years from the loan closing.  So as long as you've received the 3rd monthly payment prior to closing, you can use it, so it doesn't need to be 3 months at the time of the application.

[ArmyWifeMBA]

Clarification...it is not alimony or maintenance.  It is martial property...military retirement.  I make too much to qualify for alimory/maintenance.  Does the rule still apply as if alimony/maintenance?

I am sure it is treated the same, but wanted to make sure.  Sounds good about 3 months before closing.

Thanks!

[ShanetheMortgageMan]

There aren't any guidelines regarding "marital property", in my opinion it'll be treated as maintenance income if the separation agreement stipulates that it is owed to you.  The only type of income like that which needs a longer amount of time is if it is voluntary and not ordered, if it is voluntary then it's 6 months before it can be used.

Military retirement (pension) can be used immediately though, so if you get something from the military saying you are getting $1k/mo pension income then all you need to do is supply the letter and receipt of 1 month and you are good.