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Do I cite child support as income to qualify for a mortgage?

The income absolutely does go to my children but I'm not sure if this is allowed, required, forbidden or what. I am looking into USDA so I know there is an income restriction and not sure if this needs to be mentioned. Want to do the right thing here, even though the money is not large enough to go into any house payment every month. Have 2 children and receive $200 per month in child support from ex spouse, who makes $30k per year more than I do.

By 3doranorthern74623897 from NM Jun 13th 2014
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Yes all household income is part of the income calculation. So yes you can and are required to include your child support .

Jun 13th 2014

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For USDA, you have to disclose all income sources.. USDA loans are intended for low income families in rural areas and your eligibility is based on you not going above the allowable income. If the child support raises you above the maximum allowable income for USDA, you will be denied.. Here's a link to USDA's calculator to determine if you income falls within the acceptable range.. http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state&NavKey=income@11 I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jun 13th 2014


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