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my husband has the loan for our home under his name only i have file for divorce i make 1700 month he is going to pay roughly 1000.00 for child support i want to keep the home our house note is 630.00 month is child support considered income also the balance is 41000.00 i want to know is there any chance that i can get a loan with this income

jveenstra · Posted: Fri Nov 13, 2009 11:25 am Post subject: Child Support

Child support can be used as income as long as it meets ceratin guidlines.
Has been recieved as required to be paid for last 12 months or longer
Is paid on time as required to be paid
Will continue 3 + years (document ages of the children)
It is not taxable. The $1,000 can be grossed up 125%

There appears to be no history of payment thus far. Probably not useable until there is a history of payment.

gmakerley · Posted: Fri Nov 13, 2009 12:12 pm Post subject:

some (few) lenders might look at the impending receipt of child support as a "compensating factor" in reviewing your qualifications. in other words, they MIGHT allow you to refinance despite not qualifying. this will be based on a whole array of other factors, i'm sure, such as equity in the property, your assets, your credit, your job stability, etc.

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is child suppoert considered income