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Child support is an obligation that counts as a debt when you qualify for a mortgage. Back child support, also called delinquent child support or child support arrearage, is more than an.
Alimony and child support: fha loan Rules fha loan rules permit alimony and child support to be counted as verifiable income for borrowers who receive it. Like all other sources of income, the rules in HUD 4000.1 state the lender is responsible for verifying the income through documentation such as court agreements, etc.
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 Guidelines On Debt To Income ratio caps. fha will allow up to 56.9% back end maximum back end debt to income ratio cap for borrowers who have a credit score of at least 620 credit score. The maximum front end debt to income ratio cap on FHA borrowers with at least a 620 credit score is 46.9% DTI; These are the ratios required to get an approve/eligible per Automated Underwriting System
· If the past due child support has been reported to the credit reporting agencies it will impact your credit rating. With a low credit rating you won’t be approved to buy a house. If you are past due in child support, you can lose your driver’s lic.
For back-end DTI, add up your total recurring monthly debt payments – housing debt (front-end DTI) plus car loans, minimum credit-card payments, student loans, alimony or child-support – and divide.
· During a recent closing in Pickerington, Ohio I was conducting for Seo Title Agency the seller of the home asked if the income from child support can be used to qualify for a loan. The lender was.
The short answer is that you can use child support as income on a VA loan. It can help you lower your debt ratio and increase your monthly disposable income, which may help you qualify for the loan. The VA has relaxed guidelines that make it easy to qualify for the VA loan, but they do tend to be a little strict regarding the child support income.
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