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Are child support payments received counted towards my income for approval purposes?

by malena326 from Nephi, Utah. May 27th 2016 Reply


Brandon Brady (BrandonBrady)
#66 ranked lender in Utah - 14 contributions

Your child support payments that you recieve are counted as income as long as they will continue for 3 or more years. Most lenders will also want to see that the payments have been recieved consistently for the past 12 months.

May 27th 2016
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Lorne Harvey (lorneharvey)
#81 ranked lender in Washington - 418 contributions

In addition to what Brandon said, which by the way he nailed it; the income can possibly be grossed up by 25% on certain loan types. Please talk with your mortgage loan originator about this.

May 27th 2016
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Yes that is true child support payments can be counted as income and yes they have to be received for 6 months. I'm still on my phone tonight at 503-757-8557 you can text me and I would be happy to talk with you about it. I'm happy to work with anybody towards getting a loan in the future as well so definitely give me your number and I'll be happy to help I can call you tomorrow and schedule an appointment with you if you'd like?

May 27th 2016
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#137 ranked lender in Florida - 644 contributions

Yes as they others mentioned

May 28th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,917 contributions

So long as the child support is court ordered, and you have been receiving them consistently for one year, and they will continue for another 3 years or more, then yes.. the income will be used and counted for qualifying purposes.. (voluntary CS is not since the payor can stop paying at any time.)The lender will need a copy of your divorce decree or order of child support to verify how much is to be paid and for how long. If you have children that are 15 or younger, and the order states you will receive CS until they are 18, then there's your 3 year continuation.. but if you child is 16, and it stops at 18.. then it cannot be used since it will not continue for 3 or more years.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

May 31st 2016
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