At a minimum, child support may be used to purchase groceries, snacks, beverages, and other food items. It may also be used to purchase shoes, jackets, and appropriate clothing. Also, child support coverage encompasses payments for the child’s related shelter costs (mortgage/rent, lighting, telephone, and utility bills). Medical Care
I’ve been ordered to pay the first and second mortgage in lieu of a portion of alimony and child support payments. The amount I pay in the two mortgages exceeds the individual amounts paid for both child support and alimony but is less than the sum of the two. The decree does not specify that the mortgages are to be paid in lieu of one or the other first and then carry over to the other; it.
When you apply for an FHA mortgage and list alimony or child support payments as legitimate income, your loan officer will examine the ratio of your other income versus the amount of child support or alimony you receive. Depending on the amount and your lender’s policies, certain requirements govern how that income is to be considered.
One of the more common requests is that the non-custodial party pays the mortgage instead of child support. This is a fairly common request, but it’s also one that needs to be unpacked. To begin with, it’s entirely legal for one party to ask the other if they can pay something in lieu of child support.
Sometimes, the child support is the make or break item that is the difference in qualifying the applicant for a home loan. However, due to the inconsistent nature inherent in some child support relationships, there are a number of rules that apply to getting the child support payments to qualify as income for a mortgage applicant. Below are 4.
Can I Get A Home Loan With Late Mortgage Payments Certain lenders and programs allow you to refinance if you’ve had a late mortgage payment. But you may have to do some searching. Question: Is there any way to refinance if we had a late payment on our mortgage six months ago? So far no one will approve us until a year has gone by with no late payments.
There are specific guidelines for participating FHA lenders who must include child support, alimony, or maintenance payments as part of loan processing. Borrowers who must pay child support, or other forms of support will be required to furnish documentation for their payments.
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This can include income from work, alimony, child support, disability benefits and Social Security. Lenders typically allow borrowers to devote 28 percent of gross income to pay for a mortgage and.