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Voluntary Child Support Payments and Mortgage Financing | Divorce
Voluntary child support payments are the right thing to do in many cases when going through a divorce but how does that affect mortgage financing? 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. This too can be hard for may underwriters to accept.  How does one prove that the payments will continue?
Additionally, to be considered stable income, the child support payments must be full, regular, and timely payments.  In addition, if full ... more

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