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How is child support and alimony treated when qualifying for a mortgage?
In order for support to be utilized as qualifying income, the following criteria are required.
- It has been received for:
- 6 months, with a conventional loan
- 3 months with a VA loan
- 12 months with a USDA loan
- 3 months with an FHA loan
- It must continue for a minimum of the next 3 years after the closing date.
- It is documented with a divorce decree, separation agreement, court-ordered or other legal written document is in place.
- Voluntary payments are not typically acceptable.
- Proof of receipt is required, by way of canceled checks or bank statements.