Is Child Support Considered Income For Mortgage Purposes

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Does paying child support affect getting a mortgage? 303-738-3838 inheritances as "income" for purposes of child support Laura Wish Morgan There is little question that income derived from interests in estates, including inheritances, is considered income for child support purposes.

Your income for child support purposes will include, but is not limited to, wages, bonuses, tips and salaries, self-employment income, unemployment, disability income, taxable social security income, retirement income, rental income, regularly occurring payments/support from family and income-producing investments.

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Child support that meets the minimum. A housing payment includes loan principal, interest, taxes, homeowners insurance and homeowners association dues for purposes of calculating the new payment. Income the lender considers includes. spousal support, also called alimony, received is considered taxable income. However, child support is not.

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If child support or alimony is your sole source of income it may be nearly impossible to qualify for a loan, but lets take a look at the facts. As with all other documentation for mortgage applications, child support verification is no different; you have to be able to prove it exists and is received on a regular basis.

A good rule of thumb is that income not shown on tax returns or not yet claimed will likely not be considered in your mortgage qualification calculations. Debt-to-Income Calculations. Many mortgage lenders rely on a debt-to-income (DTI) calculation to assess your ability to pay for a loan.

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The length of history required varies depending on lender and circumstance. If you are paying child support and/or alimony, however, this amount will generally be deducted from your income and not count toward your income to qualify for a mortgage.

Although an item may be classified as "property" for purposes of dividing assets between the parties, it does not mean that same item cannot be classified as "income" for child support purposes. In child support cases, "double dipping" is not allowed because the child never received any property when the assets were divided.