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Income for 15YR fixed loan.

I am recently divorced, 1 year, and just moved to Las Vegas where property is much cheaper than New York. I am a full time homemaker and have income of $6,800/mnth from child support and alimony. Can i use this as my verified income for purchase? by snunez52 from Las Vegas, Nevada. Apr 9th 2019 Reply


Brad Henderson (bradthelender)
#28 ranked lender in Nevada - 25 contributions

Yes as long as you are getting it on a regular basis and it is going to continue for at least 3 years.

Apr 9th 2019
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Nathan Kessler (nathan.kessler@guaranteedrate.com)
#44 ranked lender in Nevada - 73 contributions

What Brad says is correct. Just need to know it will be ongoing.

Apr 9th 2019
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

More info needed such as how much is alimony? And how much is support? how many children, what ages, when does support end? 18 years old? or does it extend so long as they are in school?? etc... In general,,, if the child support is court ordered, then so long as you can prove your last 3 payments received, then that income is qualifying. However, if it's not court ordered, then you have to prove you have received for 12 months. Also, if you have a child that is approaching adulthood, and the support for that child ends prior to the next 3 years, then some or all of the child support might not be used for income. Example: you have 3 children.. 10, 12, 16 years old. The 16 year old will be 19 3 years from now, and support for that child ends at 18.. The underwriter might cut 1/3rd of your support income for qualifying purposes.. There's just way too much info missing to answer your question.. so feel free to reach out to me ... I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Apr 10th 2019
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