My friend has been working "under the table" for 7 years now and has been making a steady $35k-$40k a year. He has recently divorced his partner (and is receiving approx $30k/year in alimony) and now needs to buy a house.
How should he go about getting a mortgage?
What kind of issues may he face?
If he were able to acquire a mortgage, how much would he likely be able to get?
EDIT Would it be worth legitimizing his business or is it too late at this point?