Posted on: 25th Jan, 2010 05:02 pm
I want to assume the mortgage with assumption for my house. I have been divorced from my ex-husband who's name is solely on the mortgage for now.
I am on the deed and he will help me with papers.
my only concern is i am working part time , and the remaining loan is 64000 on 9 years.
Will they consider my W2 income only , or salary + child support.. ? i have a combined income of 40000.00 a year with child support. but salary only is only $ 21000.00
what proof do you need for chld support payments.
I am on the deed and he will help me with papers.
my only concern is i am working part time , and the remaining loan is 64000 on 9 years.
Will they consider my W2 income only , or salary + child support.. ? i have a combined income of 40000.00 a year with child support. but salary only is only $ 21000.00
what proof do you need for chld support payments.
your child support payments ought to be given credence by the lender. you've got to demonstrate that you'll be receiving the payments for the next 3 years, at a minimum, and that you've been receving regular payments for at least the prevous 3 months. they'll probably want a copy of the order calling for child support payments.
Hi cccocorico,
While you assume the loan, the lender would consider your adjusted gross income. Your lender will be able to let you know whether or not the child support would be included in your adjusted gross income.
While you assume the loan, the lender would consider your adjusted gross income. Your lender will be able to let you know whether or not the child support would be included in your adjusted gross income.
as long as the child support is documentable and you can demonstrate the longevity of receipt, your lender will need to count it.