Mortgages whats taken into account when...................?

Question

My husband and i are in process of becoming foster parents.You are paid a "wage" for this, so much for the child ,and another payment for the "work" you do.Its not a lot but wondered if this would be taken into account when applying for a mortgage as income? i work part time and would like to continue to do so, would they add this on to our joint income?We have a fairly small house and would like somewhere bigger to accomodate these children (at moment we only have 2 bedrooms and it would mean foster child having to share with my son (agency said if we had another room it would give us more options e.g being able to take a girl.any help appreciated.

Answer 1

The only way a mortgage lender will accept this as income is after placement is firmly made. Pending or expecting income cannot be used as a qualifying basis, since last minute problems can arise.

Also, there must be a reasonable expectation that this income stream will continue for at least 3 yrs. Meaning if you are only getting the child on a temporary basis or if the child is 16 and the income cuts off at 18 they will not use it.

Answer 2

Growing up my parents took in foster kids also. I was one of the few teenagers who know how good I had it since herd a few story's of what these went throw, "not good at all".

Bless you and your Family for given these kids a safe home and I wish the best for you and them.

Half of the world problems would be solved if people where to treat there kids as well as I treat my cat.

Answer 3

Yes, you can, as long as you can document it. You should receive a letter saying how much you will get for how long, and as long as it's for at least 4 years, I think, you can document it as income.

Answer 4

Call a mortgage company and find out.