Can I buy a house if I pay child support?

Answer 1

yes

Answer 2

so far, reggaerug... has given you the best answer: that you must list the payments you pay as an expense. because that is what they are and they last for longer than 6 months.

i want you to know that if you get into arrears in paying the child support and you are reported by the custodial parent, this will be one of the worst things that can appear on your credit report.

for example, i can't renew my broker's license with the state if i am in arrears on only two things:

payment of state income taxes and

my child support payments.

isn't it interesting that i could owe money for federal taxes, but that i cannot owe either of the two above items? keep up your payments and buy a house as soon as you can, in this big huge buyer's market.

Answer 3

Yes. If you intend to apply for a mortgage, you have to list the child support payments as an expense.

Answer 4

Yes you can. Unless the child support is in arrers, and appreas on your credit report. If that is the case, than many lenders will require it to be paid current. If you are paying it monthly, weekly, you may have to show it as a debit, and show proof that it is being paid, and how much is being paid.

Other things to consider.

Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) FHA/VA approved too. If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.

By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only - not the final - but it does help you figure things out

It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help - especially if the home is thru a realtor, and the seller has to pay the realtor their fee which runs from 3-6 percent of the selling price, and you ask for 3-5 percent toward closing cost -assistance) Follow me so far?? You may find a For Sale By Owner, they are sometimes more willing to help you with closing cost(s) associated with your loan, since there is no realtor fees.

There are other factors to consider, besides credit. Medical Bills are Over looked by underwriting (since medical is a unforseen event), where as credit cards, are looked at (since you purchased items on a credit card.) Also, Job time of 2 years, Rental history for 2 years is looked at. What collections & judgements are on your credit report. Some collections may not have to be paid off. Judgements may need to be paid off - depends on the Lender and Their Underwriter. All of these are taken in as a factor on getting a home loan. Credit can be worked on, by adding alternative credit. If you are paying regularly on a cell phone, auto insurance, rent, etc - these are called alternative credit.. All is not HOPELESS - ok - take a deep breath. If your credit score is 500 or higher, anything is workable, with a seller second - etc the higher the credit score the better. Lenders look at the middle score...of the 3 scores. If you only have 1 score or 2 scores (have seen it), it is still workable....but unless a lender sees the whole picture - credit - income - job time, etc - than you will not have a "true" picture of what you can afford - To get 100 percent financing you will need a MIDDLE Credit score of 580, but, like I mentioned there are Sellers 2nd, and FHA does not necessarily go by your credit score, but they DO look at your credit for collections, and judgements that appear on your credit report. There is also the USDA Rural program, where your payments are based on your income. (They to look at collections and judgements on your credit report), if medical, you would need a letter of explaining what happened. It is harder to qualify for, and there is a lot of paperwork involved. But, if it is worth the lower payments based on your income, than the paperwork is worth it. Hope this helps -

Good Luck.

Answer 5

Of course you can. That's great that you pay child support. Good for you.

Answer 6

I'm in arrears because I didn't know I had a child until she was already 7. Her mom had married and tried to keep it hush . She is biter towards me because I refused to continue a relationship with her when I found out she as married. Now I can't seem to get approved because I'm in arrears.

Answer 7

Sure. as long as the support is paid up current.
And you can qualify for a payment.

Best of luck

Answer 8

sure....oh wait they might make you pay a different amount because it'll show that you can afford to buy a house you can afford to pay more child support....

Answer 9

Go see a mortgage broker. They will tell you in 10 mins if you can or not.

whatever you do - dont listen to this guy

Iamfacingforclosure.com

Answer 10

Yes one has nothing to do with the other.