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Child Support

Frequent Contributor

Child Support

When qualifying for a mortgage, do many banks count child support towards qualifying income?  The bank I'm working with doesn't.  Is this common?  I've been receiving a paltry sum for about 7 years but I would still like to count it so it qualifies me for a slightly larger house. 


Message 1 of 10
9 REPLIES
Valued Contributor

Re: Child Support

Yes it can be included if you can show proof usually with a court document.
Good Luck
May all your dreams and wishes become a reality!
Message 2 of 10
Valued Contributor

Re: Child Support

If they count it against your DTI if you are paying, then the banks better be counting it as income if you are getting it.

Message 3 of 10
Established Contributor

Re: Child Support

Get a new bank then.  As long as you can show the child support you're receiving is court ordered, and not just based on an oral agreement, it should be included.  Unless you don't want it to be. 

Message 4 of 10
Valued Contributor

Re: Child Support

+1
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Message 5 of 10
Valued Contributor

Re: Child Support

Child support and alimony doesn't have to be included but It also can be included as income.

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Message 6 of 10
Regular Contributor

Re: Child Support

Definitely find a new bank. I was able to get my child support included by only showing 3 months worth of continuous payments. So YES that should include it as income!

Message 7 of 10
Super Contributor

Re: Child Support

try another lender.

 

if it is court ordered and you can prove that you are actually getting it.... it can be counted

 

Retired Lender
Message 8 of 10
Highlighted
Established Member

Re: Child Support

I was told that my child support would not factor in because my daughter is 20 and a full time college student. I only have 2 years left on collecting support,

Message 9 of 10
Valued Member

Re: Child Support

Most lenders will use child support as income if it is reliable ( you have recieved it consistently for 12 mos) AND it is likely to continue for the next 2 years.

Message 10 of 10