Mortgage Answers / Mortgage Decisions
The Short Answer
Support payments may count when you choose to use them and can document qualifying payments. You do not have to disclose child support or alimony income if you do not want the lender to use it to qualify.
Choose whether to use the income, then understand the records and payment history needed.
Explore Your OptionsYou may choose not to use this income.
An automatic yes
The actual details need review.
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Gather the legal terms and receipt history; the remaining payment period matters too.
Tell the lender you want it to consider the support income and ask for the required document list.
Provide the legal payment terms and evidence of receipts as requested. The remaining payment period matters too.
Ask which amount meets the program rules before using it in a housing budget.
The lender may be unable to use the full amount; review a budget without uncertain payments.
Provide an accurate payment history, including gaps or changes. Do not describe uncertain payments as guaranteed.
Ask whether any amount can be counted under the program's rules.
Compare a budget without unreliable payments while the lender reviews the history.
Ask for the application to be reviewed without this income; other qualifying income must support the loan.
Tell the lender you do not want to use child support or alimony income to qualify.
Ask for the loan to be reviewed using your other qualifying income. Not counting this income is different from hiding debts you owe.
Check whether the resulting loan and payment plan work for your budget.
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Support payments may count when you choose to use them and can document qualifying payments. You do not have to disclose child support or alimony income if you do not want the lender to use it to qualify.
Ask for the application to be reviewed without this income; other qualifying income must support the loan.
Preapproval is a lender's tentative statement about a loan amount based on information and assumptions reviewed. It can help you shop, but it is not a guaranteed mortgage or approval of a particular property.
A free credit freeze can help protect against new-account fraud. If a mortgage lender needs your credit report, you may need to lift the freeze temporarily so the lender can review it.
Yes, qualifying pension, retirement-account or other retirement income may support a mortgage. The lender reviews the amount, how it is paid and whether it meets the program's rules for continuing income.
No. You do not have to disclose this income if you do not want the lender to use it to qualify. This does not allow you to hide debts or required payments you owe.
No. When you rely on the income, the lender needs the required legal terms and evidence of actual payments.
The remaining payment period affects whether the income meets the program's rules. Ask before relying on it.
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