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  • #1

    Mortgage Advise

    hello friends,

    I need some suggestion my friend is looking into getting a house with a mortgage, I have a few questions she has a child from a previous relationship so she gets child benefit, income support etc... would this effect her getting a mortgage?
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  • #2
    Child support payments are not included as income, so no, it won't help your friend get a loan.

    IRS For Dummies: Are child support payments considered taxable income?
    Brian

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    • #3
      Even if it did count, I would advise her not to count it. Buy a home and take a mortgage based on her personal income only. That way, if the ex stops paying for any reason, she isn't stuck unable to make her payments.
      Steve

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      * Why should I pay for my daughter's education when she already knows everything?
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      • #4
        Originally posted by bjl584 View Post
        Child support payments are not included as income, so no, it won't help your friend get a loan.

        IRS For Dummies: Are child support payments considered taxable income?
        Not so. There is a line on the mortgage application asking about alimony and child support. It is optional if you wish to disclose it. If you do choose to disclose it, it is counted towards your income.

        http://www.homeloanlearningcenter.com/mortgagebasics/qualifyingforamortgage.htm


        FHA income guidelines to qualify for a home loan

        Please note, the IRS is not in the business of making lending guidelines.

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        • #5
          Originally posted by disneysteve View Post
          Even if it did count, I would advise her not to count it. Buy a home and take a mortgage based on her personal income only. That way, if the ex stops paying for any reason, she isn't stuck unable to make her payments.
          I agree.

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          • #6
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            • #7
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              • #8
                Originally posted by bjl584 View Post
                Child support payments are not included as income, so no, it won't help your friend get a loan.

                IRS For Dummies: Are child support payments considered taxable income?
                Not true, you can count Child Support as income, but it typically must continue for 36 months to use it.

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