Can You Use Child Support As Income For A Mortgage

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Also, you can’t use child support income to qualify for a refinance unless it will continue for at least three years after your loan closes. So, you must have verification of the length of time.

Getting a mortgage relies on you proving that you have the income to support the loan. Lenders use a combination of income multiples and affordability checks to determine what you can borrow. Your income may come from various different sources but don’t assume that a bank or building society will use every penny of your earnings to determine.

Child Support: The first thing you will need in order to use Child support payments as income to qualify for a mortgage is your separation agreement. Lenders need to know the support was agreed on by both parties and the amount was clearly defined in your agreement.

5 Down Construction Loan FHA One-Time Close Construction Loans for 2018 – Are you thinking of using an FHA One-Time Close Construction loan to have a house built for you in 2018? This type of home loan is different than FHA new purchase loans for existing construction, but it’s definitely worth considering.. You can get one with a down payment as low as 3.5%.

You can also use it to see if you can afford that new purchase.. Child support and alimony;. to get a qualified mortgage, your maximum debt-to-income ratio should be no higher than 43%. Let.

Can this form of income, if declared on the FHA loan application, be used to qualify for the mortgage? Chapter Four of HUD 4155.1 provides the answers. "Alimony, child support, or maintenance income may be considered effective, if payments are likely to be received consistently for the first three years of the mortgage

Spouse Income and Child Support Updated July 31, 2017 2 min read We get many questions about VA loan applications including whether or not a borrower can use his or her spouse’s income to qualify for the VA mortgage. Here’s a good example of such questions: "Can I use my wife’s income if she has.

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.

A mortgage company will be able to use this as income towards qualifying for her mortgage by producing 6 months of bank statements and copies of the checks showing a check for $1,100 and deposits for $1,100. To conclude, it is possible to include child support as income toward qualifying for a mortgage application.

You can have a large income. mortgage payments, taxes, insurance, and homeowner’s association fees. A back-end DTI also includes all of your non-housing-related regular debts and monthly expenses,