Wondering whether child support counts as income for a mortgage?
It can, but the lender must document four key items:
1.
Disclosure on the mortgage application.
2.
A court order, divorce decree, separation agreement, or other acceptable legal documentation.
3.
Six months of full, regular, and timely receipt, usually shown by bank statements or other electronic payment evidence.
4.
At least three years of expected continuance from the mortgage note date.
If you are buying a home in Kentucky, prepare the paperwork early. That helps prevent avoidable underwriting delays.
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Joel Lobb | Mortgage Loan Officer | NMLS #57916 | Company NMLS #1738461 | Equal Housing Lender | www.nmlsconsumeraccess.org
General mortgage education only. Not a commitment to lend.
