Am I required to list child support payments for a mortgage if it is not court ordered?

Asked by Angel, 37211 Thu Sep 10, 2009

The divorce decree states that I have custody of the children and technically I would be the one receiving child support, however my children are currently living with their mother and I voluntarily send her child support. Do voluntary child support payments count against me?

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Luke Allison, , Asheville, NC
Thu Sep 10, 2009
BEST ANSWER
Angel-
There is a question on the 'Declarations' page of a loan application that specifically reads: "Are you obligated to pay alimony, child support or separate maintenance?"
In this case, since you are not oblugated to the payments you make (i.e. court ordered) then you would be able to truthfully answer 'No' to that question and be completely honest in doing so. Keep in mind that underwriters typically want to know things like that because an obligated payment is deemed to be similar to any type of monthly debt payment (car, credit card, etc). If it is an obliagtion, then they will add the debt into the ratio calculations. Since you pay it volunatrily and could stop at any time, there is no need to add it to your debt ratios.
If you have any questions about the loan process, feel free to let me know.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
0 votes
Angel, Home Buyer, 37211
Thu Sep 10, 2009
Thanks for your response, but unfortunately it doesn't answer my question. If you look carefully at my question I am the one making the payments not receiving them.
0 votes
Terrence Ask…, , Brentwood, TN
Thu Sep 10, 2009
It shouldn't. Even if the divorce decree states that you have custody, based on what you are saying, it doesn't state that he owes you child support, you can't count it. Typically you need to have at least 3 more years of these payments left to count towards income. Because nothing shows that it will continue and these payments aren't outlined in the decree, you probably can't use the income. The better question is, do you need the income to qualify?
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