Verifying Child Support . One problem with using child support as a source of income is verifying it. Many couples have a verbal agreement amongst each other regarding child support. Unfortunately, this is not enough to be able to be used for qualification purposes for your mortgage.
Can child support arrears prevent an FHA loan from being approved, even if regular payments have been automatically taken out for the last few years.? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
Prepayment Penalties On Mortgages A prepayment penalty is a provision of your contract with the lender that states that in the event you pay off the loan entirely, you will pay a penalty. Penalties are usually expressed as a percent of the outstanding balance at time of prepayment, or a specified number of months of interest.
A COLA clause in a child support order means that payments are to increase annually at a rate equal to the annual cost of living increase, as determined by an economic indicator (such as the Consumer Price Index). Some judges include COLAs in their orders when setting child support.
A Dix Hills man who runs a mortgage modification business pleaded guilty on. The DA’s office said he used the funds for ATM cash withdrawals, credit card payments, child support, car payments,
Taking Care of Back Child Support Without an Agreement. If you don’t have an official arrangement to pay your child support arrears, you may have to pay the amount you owe in full prior to securing a loan. Certain loan programs, such as the VA and FHA programs, require payment in full if there is no payment arrangement.
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In addition, child support can be used for your child's shelter-like mortgage payments, rent, utility bills and phone bills-even if your own.
mortgage insurance, homeowners association dues and home equity loans or lines of credit) to credit cards, car loans, student loans, child support and alimony. Your lender needs to know how much you.
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child support payments do not directly impact your ability to get a mortgage; instead, it all depends on whether your income qualifies you for.
Sometimes, the child support is the make or break item that is the difference in qualifying the applicant for a home loan. However, due to the inconsistent nature inherent in some child support relationships, there are a number of rules that apply to getting the child support payments to qualify as income for a mortgage applicant. Below are 4.