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It is definitely possible to use child support as income for your mortgage. You just have to walk a fine line and make sure you follow all of the lender’s rules to the ‘T.’ If you find that one lender won’t use this income, but you meet the requirements above, such as having court ordered child support and proof of receipt, you can shop.
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Alimony is income – its purpose is to help you support yourself post-divorce.. receiving it if you want lenders to take it into consideration when you apply for a mortgage.. Child Support and Separate Maintenance – Does it Count as Income?
Yes you can use your child support payments as income when applying for a mortgage, however only with some lenders. Some banks view child support payments as an unreliable income source and so will not count on it to assist with home loan repayments. However others will look at the court order and the stability of the payments that you have.
Their total debt payments are $1,600 a month. Their debt-to-income ratio is 32 percent ($1,600 divided by $5,000). This ratio is one factor lenders use to decide whether a buyer can afford a mortgage.
Smaller lenders are using preapprovals. going beyond the usual income and assets analysis to ask questions about areas that could derail the loan at application time, such as unacknowledged alimony.
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What percentage of monthly disposable income is safe to use as a car or mortgage payment. income would go toward ALL of your debt obligations, including mortgage, car loans, child support and.
Best Answer: Yes, your child support can be included in your income for the mortgage. However, it is a real pain to prove and it’s better if you qualify without it. I don’t remember all the requirements, but it must be court ordered and have a minimum 2 year history of consistent payment. You have to.
Your mortgage lender will take a close look at your income to make sure you can. settlements — including court-ordered alimony or child-support payments.
FHA loan rules do include guidelines for the lender in cases where alimony, child support, and other court-ordered payments are to be counted as verified income. A potential FHA borrower receiving child support will be required to provide documentation of that income in order to be counted in the borrower’s debt-to-income ratio.