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.
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.
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!
try another lender.
if it is court ordered and you can prove that you are actually getting it.... it can be counted
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,
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.