If you receive consistent income resulting from child support payments you might be able to use it to qualify for a home loan. You are not required to disclose it as income, however, if you do not wish to or feel as though it might be unreliable.
The income must be expected to continue for a minimum of 3 years beyond the date of closing. If the child support will end even one month shy of that you will likely not be able to use the income to qualify.
As with all types of income used in your loan qualifications we will need to document the income.
Documentation for child support income
· The court decree, recorded and signed by Judge, all pages included
* Voluntary payment agreement
AND
Acceptable evidence of consistency of payments includes:
· 12 month’s Canceled child support checks, or
· 12 Bank statements demonstrating a consistent deposit history
OR
· Payment history as provided by the court
If you are considering looking into Minnesota mortgage rates for the purchase or refinance of Minnesota real estate, please contact me for further details.
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