How do lenders treat child support or alimony when calculating income?
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3 Answers
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When I applied for a mortgage, the lender counted court-ordered child support once proved, and alimony showed as income after providing the agreement.
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When I was refinancing my house last year the lender asked for proof of my child support income. They treated it like any other income if it had been received for at least six months and there was a clear court order or agreement. I had to show the deposits and the court document, and they only counted the ongoing portion. Spousal support worked the same way, but the lender also wanted to confirm it would continue for at least three years. If it was temporary or ending soon they either ignored it or counted a smaller portion. If you rely on that income make sure the paperwork is solid and the payments are consistent, otherwise it might not help your qualifying income.
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When I was buying a condo, my lender counted my court-ordered alimony as stable income because it came with a signed agreement and bank statements showing deposits over two years. Child support also counted when I could prove the payments were consistent and likely to continue, usually with court paperwork and proof of deposit. Keep everything documented, and be ready for lenders to want proof that it’s steady income.
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