5. You have no liability to make any payment (in cash or property) after death of your spouse or former spouse; and

6. Your payment is not treated as child support.

If you are receiving or paying alimony, you must use Form 1040 for your personal taxes. Regardless of income levels, deductions or miscellaneous tax issues, you cannot use Form 104A or Form 1040EZ.

In preparing your tax return, person receiving alimony will report information on line 11 of Form 1040. That person must also provide their social security number to their former spouse or face a fine of $50. The person paying alimony can claim deduction on line 34a of Form 1040.

Two in One

Many potential homebuyers have decent credit and savings to cover closing costs, but they do not have money to make a down payment. The idea of emptying a savings account to cover closing costs and down payment may not be appealing. Buyers like this should consider an 80/20 Combination Mortgage. The 80/20 combo is actually two loans instead of one. The buyer receives one loan for 80% of purchase price and a second loan for 20% of purchase price. Although these types of loans may have a little higher interest, buyers do not have to purchase mortgage insurance. When inquiring about an 80/20 combo ask about credit score, savings reserves needed, and mortgage/rental history requirements necessary to qualify.

In order to achieve your goal to become a homeowner you must investigate your choices, educate yourself and receive advice from high-quality, trustworthy professionals. Once you understand all of mortgage possibilities available you can make decisions necessary to make your dreams come true.