Qualifying for a mortgage during or after a divorce may seem cumbersome to many with the proof of receipt of income, copies of documents and more. But what if there is no divorce? What if there is no court order for child support and all payments are voluntary? Can voluntary child support be used as qualified income when applying for a mortgage?
Yes, voluntary child support may be used as qualifying income for a mortgage but you may be limited to your options. FHA mortgages will accept voluntary child support as qualifying income; however, you will typically need to show twelve (12) months proof of receipt; proof the support will continue for a minimum of three (3) years after the new mortgage loan closes; and a written agreement between you and the parent paying the child support.
Additionally, to be considered stable income, the child support payments must be full, regular, and timely payments. In addition, if full or partial payments are made on an inconsistent or sporadic basis, the income may not be acceptable for the purpose of qualifying for mortgage financing.
To further discuss how to utilize voluntary child support when obtaining mortgage financing, contact a Certified Divorce Lending Professional. To find a CDLP in your area, click here.
This is for informational purposes only and not for the purpose of providing legal or tax advice. You should contact an attorney or tax professional to obtain legal and tax advice. Interest rates and fees are estimates provided for informational purposes only, and are subject to market changes. This is not a commitment to lend. Rates change daily – call for current quotations.
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