Can You Use Child Support As Income For A Mortgage

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It is there to provide for your basic needs (shelter and food) should you get laid off, not get paid, or otherwise be without.

You may be able to use child support income to qualify for a VA loan. It depends on how long you've received it and how long you will receive it.

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Lenders can count child support payments as effective income toward a mortgage, and that can help get veterans into the price range they want. But spouses who are paying that monthly support will have that money counted as an outgoing liability by mortgage lenders.

7. Child support and alimony. You can count child support and alimony as income if you have the court order mandating the payments and proof that they have actually been made for the last six months. Make copies of the checks, and keep bank statements that show the money has been regularly deposited.

“If you have credit card debt, a mortgage. to spend with my children. It meant I was in a better financial position when.

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Lenders won’t accept child support as your sole source of income for a home loan but some of them will accept to 100% of the child support payments you receive as supplementary income. Because of this, you will need another source of income in the form of either a full-time or part-time job.

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When you apply for an FHA mortgage and list alimony or child support payments as legitimate income, your loan officer will examine the ratio of your other income versus the amount of child support or alimony you receive. Depending on the amount and your lender’s policies, certain requirements govern how that income is to be considered.

You aren’t required to disclose child support income if it isn’t essential to qualifying for a refinance, but if you pay child support, it has to be figured in with your monthly debts. It is, after.