My son's father lives with me, but is credit is awful, and he isnt eligable to help in getting a home loan, can i put part of his income down and list it as child support to add to my assets to increase the possible loan amounts?
2007-10-20 16:41:48 · 5 answers · asked by tiffani5135 2 in Business & Finance ➔ Personal Finance
Since you aren't married to this guy, don't buy a house with him. Have the mortgage and the deed strictly in your name. It will save lots of problems on down the road.
To claim child support as income, you have to prove that you have been receiving it regularly for a certain length of time and that it will continue for at least 2 more years.
Frankly, I had court ordered child support that was paid like clockwork and it was too much paperwork to include as my income when I purchased a house.
Maybe you should look for less house. Something you can afford by yourself. Then you won't be strained financially and your boyfriends income can help furnish, remodel, etc.
2007-10-20 17:31:44 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
Only if it's true child support. You will be required to provide proof of the child support during the application process.
2007-10-20 17:54:24 · answer #2 · answered by gogo7 4 · 0⤊ 0⤋
only if it was court ordered..otherwise , no, I wouldn't dare do that. I don't make a whole lot of money - and my husbands credit was bad- so, I didn't add him on ---and I still got my loan approved.
just try it.
2007-10-22 08:15:39 · answer #3 · answered by ★★★ Katharine ♥♥♥♥ 6 · 0⤊ 0⤋
only if it ordered by the court and you can prove it will be there for 2 more years
2007-10-20 16:54:43 · answer #4 · answered by Bob D 6 · 1⤊ 0⤋
yes
2007-10-20 16:45:21 · answer #5 · answered by Anonymous · 0⤊ 0⤋