Let’s say you want to buy a house this year and you receive money from your ex. You wonder if the Child Support or Alimony can be used as income when qualifying for a mortgage.
The short, and general answer, is that in order for child support or alimony to count as income and help you qualify for a mortgage, that income has to have been coming in for at least three (!) years.
This is true if it is an FHA or a conventional loan. Like I said though, while it’s a generally true statement, your lender may qualify alimony some other way.
thanks to Steve Wagner of the Arlington Bank for the tip.
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