Income

[Anonymous]

Hi,

For income qualification, can child support (incoming) be used?  I have a support order; ex is in the military and the payments are direct deposited into my checking account.

Thanks!

[Anonymous]

Yes, with a support order and evidence of deposits, it's counted

[Anonymous]

Thanks!

[Anonymous]

but it think there has to be proof that it will continue for a certain amount of time. I remember someone on here saying that her child was 17 and it would only continue until his or her's 18th birthday so it wouldn't be counted.

[Anonymous]

Oh yes, good catch... didn't think to mention that.

The child support has to continue for a minimum of 3 years. Basically the child has to be under 15

[Anonymous]

My youngest is 6 and we agreed on a set amount until the youngest is of age, so I have some time there! 

thanks again!

[DallasLoanGuy]

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@Anonymous wrote:
Yes, with a support order and evidence of deposits, it's counted

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correct answer 

[Anonymous]

We recently faxed to a LO our copy of a child support order to help the mom secure her loan. I wondered at the time why this would help, since the child is already 16 and 1/2. If we're only obligated for 16 more months, why does our CS order help them get their loan?

On another note, does this mean I wouldn't have to report this payment as part of our debts? We are also in the approval process, and just today, I reminded out LO to include that amount for our debts.

[Anonymous]

I think the rule on reporting debts is any debt that will continue more than 10 months. I beleive I read that somewhere, I could be and often am ....wrong.