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Is child support included in the Debt to Income ratio?

by bailando_together... from Parkdale, Arkansas. May 7th 2015 Reply


Colby Neal (ScottsdaleInsurance)
#109 ranked lender in Arizona - 71 contributions

Only if you have child support court orders documenting that you'll receive the income for 3 years from the closing date.Three years is the minimum per HUD/FHA/USDA underwriting guidelines nationwide with all banks, brokers, lenders, bankers.

May 7th 2015
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Brian French (bfrench)
#11 ranked lender in Arkansas - 52 contributions

In addition, you have to provide evidence that you have received it consistently for at least the 12 months. This can be in the form of cancelled checks or a report from OCSE.

May 7th 2015
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David Ortega (DavidOrtega)
#53 ranked lender in Minnesota - 230 contributions

Paying or receiving? If you owe child support, it is absolutely included. If you receive, you need to prove that you will receive the income for at least 3 years.

May 7th 2015
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

Yes if it's court ordered that you must pay it.

May 7th 2015
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Elden Lewis (elewis_409_299)
#42 ranked lender in Indiana - 223 contributions

The short answer is yes. But as explained by others in this forum if you are talking about support that is received, you will need to prove that you have been receiving the support for the last 12 months and evidence it will continue for at least 3 more years. If you paying, the payments will be counted as debt against you. My name is Elden Lewis with Guaranteed Rate in Indianapolis, IN. If you need any further assistance please feel free to reach out to me at 317-225-4868. https://www.guaranteedrate.com/eldenlewis http://www.indianapolismortgageguy.com/

May 8th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

If you are "paying" child support, then it must be added to your debt and will affect your debt to income ratios.. the only waiver of this requirement would be if you only have 3 months left to pay, then it could be ignored.. If you are "receiving" child support, then you can at your option disclose it and it would be considered as qualifying income so long as you have been receiving it for at least 12 months.. 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

May 8th 2015
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