Child Suport as Income for Mortgage Approval – The rules for "grossing up" income are the same on FHA and conventional loans. You are able to use 125% of the income for qualifying purposes. Remember that the child support has to have a history of. FHA Child Support or Alimony Income.
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For a voluntary payment agreement, the Mortgagee must document receipt with 12 months of canceled checks, deposit slips, or tax returns. If the borrower has received consistent alimony, child support or other maintenance payments for the most recent six months, the Mortgagee may use the current payment to calculate effective income.
This includes credit-card bills, car loans, child support, student loans. Unlike in conventional loans, FHA co-signers are not required to live in the house with the borrower, but they need to show.
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When the amount of alimony or child support is greater than 30% of the FHA borrower’s income, the rules can change. Some lenders require the following; The borrower must receive alimony or child support for a full year before applying for the loan. The payer must be obligated to continue paying for three years after the loan has closed.
Alimony/Child Support/Separate Maintenance Payments When the borrower is required to pay alimony, child support, or maintenance payments under a divorce decree, separation agreement, or any other written legal agreement-and those payments must continue to be made for more than ten months-the payments must be considered as part of the borrower’s recurring monthly debt obligations.
FHA loan rules do include guidelines for the lender in cases where alimony, child support, and other court-ordered payments are to be counted as verified income. A potential fha borrower receiving child support will be required to provide documentation of that income in order to be counted in the borrower’s debt-to-income ratio.
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Child Support Income and FHA Loans. A reader got in touch with us to ask a question about how a participating FHA lender will view child support payments. "My significant other and I want to apply for a house loan together.