What are the rules on adding child support as income?
What are the rules on adding child support as income when applying for an FHA loan? Someone told me that for conventional loans you have 6 months of on-time payments and if it’s court-ordered. How about for an FHA loan? I only have 3 months of payments right now will this do? by pamfleming992 from Mead, Colorado. Aug 15th 2022
Jay Fertman (DirectLending)
#139 ranked lender in Colorado - 4 contributions
Hello pamfleming992, there are a lot of details to determine if 3 months' receipt of child support would be enough to qualify. I will need more information.Please feel free to call me at 720-870-6812.Jay FertmanNMLS ID: 262858Colorado License# 100020553Direct LendingPhone: 720-870-6812 (Landline - Does not receive text messages)
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
According to the FHA Underwriting handbook: One a new final divorce degree, we can count it if you received it for at least 3 months. If it is voluntary support, then it must be six months of receipt. For Fannie Mae conventional, it must be 6 months of receipt. Both options will require a copy of the divorce decree or other court order. Sporadic or partial payments are a problem and not acceptable for qualifying income. I provide home mortgage loans in MN, WI, IA, ND, and SD. Find me at JoeMetzler.com/pre-qual - Cambria Mortgage, NMLS 274132
