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Old 09-28-2011, 10:51 PM
emmajacob36 emmajacob36 is offline
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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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Old 09-29-2011, 04:32 AM
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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?
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Old 09-29-2011, 04:54 AM
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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.
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Old 09-29-2011, 08:07 AM
Petunia 100 Petunia 100 is offline
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Quote:
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.co...ramortgage.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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Old 09-29-2011, 08:09 AM
Petunia 100 Petunia 100 is offline
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Quote:
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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Old 09-30-2011, 03:13 AM
Dseals Dseals is offline
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I wonder how you got so good. Its really an amazing blog, lots of great stuff that I appreciate. One thing I just want to say is that your Blog is so perfect!
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Old 09-30-2011, 03:14 AM
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Generally I do not post on articles, but I would like to say that this blog really forced me to do so! Thanks, for your share and keep up the good work.
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Old 10-05-2011, 09:36 PM
Brokemofo Brokemofo is offline
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Quote:
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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