Can you use Alimony or Child Support payments to help qualify you for a home, with many things in mortgages, every lender has their own opinion and the question is going to have the answer of “Yes,” and “No.” 

 Alimony: The lenders are reluctant since Alimony is not considered reliable income and this is the reason why, if you met someone and move in with them or get married that alimony ends.  Alimony usually has time period attached to it as well. Some will only receive alimony for three years or have some timeline attached to it, or you’ll get alimony until you’re out of school or alimony until you get a job. Even if you did find a lender who would allow you to use alimony, it will not be able to be 100% of where all your income is coming from. When using Alimony it is better to have a job or another source of income and then use your Alimony income to boost your other income up.

Child support: Child support is the same as Alimony it can’t be a 100% of your income. The reason for this is your children will grow up, or once they have finished school you will no longer receive child support for them. Lenders are cautious on the age of your children too, if you have a child who is 16, and your mortgage is going to be five years long, what if they don’t go to college, which means in two years you will no longer receive that child support. Some lenders will not allow child support altogether, and have an age limit of wanting the children to be under a certain age before obtaining that mortgage.

Live with Passion