Mortgage applications ask you to list all debts and how much you spend each month on everything from rent or your current mortgage (plus hazard insurance, property taxes, mortgage insurance, homeowners association dues and home equity loans or lines of credit) to credit cards, car loans, student loans, child support and alimony.
The child support system is designed to provide children with the financial support they need to thrive. Yet the system is flawed and often assigns more penalties to parents that they, quite literally, can afford to pay. Here’s what to do when you’re the one screaming "Help!
If child support or alimony is your sole source of income it may be nearly impossible to qualify for a loan, but lets take a look at the facts. As with all other documentation for mortgage applications, child support verification is no different; you have to be able to prove it exists and is received on a regular basis .
I am paying child support as a monthly mortgage payment on my house and I believe that I am paying more than I should for child support. I think I would pay less if I just paid reguar child support. I make at or about 41,000.00 and my Ex-Wife makes at or about 50,000.00 together we make at or about 91,000.00 I pay for 2 children and the payment I make is 1300.00 monthly.
Child support arrears can affect your loan application, but not always in a negative way. How you handle the arrears play a vital role in your ability to secure financing. As is the case with any other debt or even income, the lender looks at the whole picture. They don’t focus on one aspect of your loan application.
Child support is a monthly payment a parent makes to help cover the costs of raising a child. Usually, these payments are from one parent to the other. The parent who cares for a child most of the time (called the custodial parent ) tends to receive the child support payments.
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