Q & A with Dottie Herman

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Q1 - I am retired and only receive social security and monthly withdrawals from my pension.  What will I need to provide when applying for a mortgage?

A - You will have to provide your Social Security Award letter andcopies of your recent pension check stubs or bank statement if your pension or retirement income is deposited directly in your bank account. Sometimes it is necessary to verify that this income will continue for at least three years since some pension or retirement plans do not provide income for life.

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Q2 - I recently got divorced and want to buy a house.  Do I have to let the bank know that I am getting child support and maintenance from my ex-husband?

A - Information about child support, alimony or separate maintenance income does not need to be provided unless you wish to have it considered for repaying this mortgage loan.

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Q3 - I graduated college last year and have not started to repay my student loans.  Are my student loans considered a debt and used in the calculations to get a mortgage?

A - Any student loan that goes into repayment within the next six months will be considered when evaluating your loan. If you are not sure exactly what the monthly payment is, enter an estimated amount.

If other student loans are reflected on your final credit report, which are not scheduled to go into repayment in the next six months, we may need to ask you for verification that repayment is required during this time period.

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Q4 - I co-signed a loan for my mother five years ago and now want to buy my first home.  Will I be able to get a mortgage with that loan showing up on my credit?

A - Generally, a co-signed debt is considered when determining your qualifications for a mortgage. If the co-signed debt does not affect your ability to obtain a new mortgage we leave it at that. However, if it does make a difference, we can ignore the monthly payment of the co-signed debt if you can provide verification that the other person responsible for the debt has made the required payments, by obtaining copies of their cancelled checks for the last twelve months.

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Q5 - If I foreclose on my house and have a past bankruptcy from 4 years ago, will I be able to apply for a mortgage?

A - If you have had a bankruptcy or foreclosure in the past, it may affect your ability to get a new mortgage. Unless the bankruptcy or foreclosure was caused by situations beyond your control, we generally require two to four years to pass after the bankruptcy or foreclosure. It is also important that you re-established an acceptable credit history with new loans or credit cards.

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If you have a real estate question for Dottie, please send it to; Reporters@WorldPropertyChannel.com