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Answers (7)
- Dannee143
- Contributions:5
I understand. My childsupport is an order through the courts and has been getting paid for for over five years.
Does that make it income?
- Thomas Hall, "Tennessee Loans"
- Contributions:381
Child Support Income is treated differently than a child support obligation. Even if your spouse didn't make teh $1000/mo child support payment your debt obligation would still include the $1000/mo.
With Child Support Income just becuase you have an agreement that someone is supposed to pay you $800/month a lender won''t count that $800/month as income if you can't prove that the income has been consistent and that it will continue for at minimum 3 years.
With Child Support Income just becuase you have an agreement that someone is supposed to pay you $800/month a lender won''t count that $800/month as income if you can't prove that the income has been consistent and that it will continue for at minimum 3 years.
- Dannee143
- Contributions:5
Thomas what exactly do you mean by proof of receit?
- Thomas Hall, "Tennessee Loans"
- Contributions:381
You have two diffferent issues
Your husband's child support is an obligation and will be included in the debt ratios at $1000/month unless there is something from the court saying it will drop off prior to closing or if the support is no longer warranted due to the child's age.
your child support is income and the lender will require documentation showing proof of reciept as well as continuance for three years. If your child is over 15 prior to closing you won't have continuance unless something in the court order says differently. If CS income can be used it will be income at $800/month
- Dannee143
- Contributions:5
We are both.
- wetdawgs
- Contributions:26804
Can you document that your child support will continue for at least three more years.
- Lola Jefferson, "PleasedToBeYourAgent"
- Contributions:70
Your best bet is to contact a lender with your questions. It depends on who all is applying for the loan.
Child Support Deduction
My ? is lets say my husband pays $1000.00 in CS monthly and I receive $800.00 monthly.
Will that be considered just $200.00 that is paid in CS monthly?
Thanks
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