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Frequent Contributor
basballguy
Posts: 360
Registered: ‎02-20-2008
0

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. 


Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010
0

Re: Child Support

Yes it can be included if you can show proof usually with a court document.
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Valued Contributor
tooleman694
Posts: 2,297
Registered: ‎08-25-2011
0

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.

Established Contributor
foofighter74
Posts: 828
Registered: ‎12-09-2012
0

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. 

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Child Support

+1
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Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011
0

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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Regular Contributor
jmack711
Posts: 174
Registered: ‎03-24-2009
0

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!

Super Contributor
DallasLoanGuy
Posts: 6,132
Registered: ‎07-03-2007
0

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

 




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Established Member
lemers718
Posts: 22
Registered: ‎11-21-2008
0

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,

Valued Member
dricedad
Posts: 42
Registered: ‎04-06-2010
0

Re: Child Support

[ Edited ]

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.


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