My husbands name is the only name on the mortgage, I want to take over mortgage. Can I use child,spousal support and rent payments from someone living with me as income?
2006-10-07 00:25:30 · 7 answers · asked by Mari D 1 in Business & Finance ➔ Renting & Real Estate
You will not be able to use rent unless you have a separate metered unit for your tennant. You will be able to use child and spousal payments if they continue into the future (i think 3 years).
There are no doc and limited documentation loans you can qualify for if your credit is good. Best thing to do is talk your entire finances through with your Loan Officer so he/she can match you up with a program.
help@choicefinance.net
2006-10-07 01:33:08 · answer #1 · answered by Anonymous · 0⤊ 0⤋
if your child support payment are going to continue for 2 more years, you can use this for your income and the same is about your rent income.
2006-10-07 17:38:03 · answer #2 · answered by bianca 4 · 0⤊ 0⤋
No. You cannot use another person's income source as your own to secure a mortgage. To get your husband's name off the mortgage, you are going to have to refinance. They look to your income, not that of your roommate.
2006-10-07 01:28:45 · answer #3 · answered by Zelda 6 · 0⤊ 0⤋
You will have to show proof of both...Child & spousal support that will be longer than 2 years coming, and a signed lease from your tenant. Don't wait until they ask for the lease and then make one up, they will turn you down. Do the lease before you apply. Good Luck!
2006-10-07 00:36:44 · answer #4 · answered by Barbara 5 · 0⤊ 1⤋
Sure why not? Having a roof over it's head is part of supporting a child.
2006-10-07 00:28:04 · answer #5 · answered by Dave 4 · 0⤊ 1⤋
the answer to your question as stated is ... YES
2006-10-07 03:22:03 · answer #6 · answered by Anonymous · 0⤊ 0⤋
yea you can show those as supplimental income.
2006-10-07 00:32:53 · answer #7 · answered by Anonymous · 0⤊ 1⤋