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https://www.fanniemae.com/content/guide/selling/b3/3.1/01.html
Dec 04, 2019 · Using Nontaxable Income to Adjust the Borrower’s Gross Income The lender should give special consideration to regular sources of income that may be nontaxable, such as child support payments, Social Security benefits, workers’ compensation benefits, certain types of public assistance payments, and food stamps.
http://www.mortgagenewsdaily.com/qna/child-suport-as-income-for-mortgage-approval
Jun 22, 2008 · The rules for "grossing up" income are the same on FHA and conventional loans. You are able to use 125% of the income for qualifying purposes. Remember that the child support has to have a history of consistent payment and must continue for 36 months in order to be used in qualifying.
https://www.fanniemae.com/content/guide/selling/b3/3.1/09.html
This income can offset certain weaknesses that may be in the occupant borrower’s loan application, such as limited income, financial reserves, or limited credit history. However, it may not be used to offset significant or recent instances of major derogatory credit in the occupant borrower’s credit history.
https://www.hud.gov/sites/documents/4155-1_4_SECE.PDF
most recent three months that support the amount used when qualifying, and. that the claimed income will continue for at least three years. For the financial details, the underwriter should use the front and pertinent. pages of the divorce decree, settlement agreement and/or court order.
https://www.blownmortgage.com/alternate-income-using-child-support-qualify-mortgage/
Mar 22, 2015 · While you are not required to disclose your child support if you receive it – if you want to use it for qualifying purposes, you will need to know what is required in order for it to be used. Get your free home loan quote today. Verifying Child Support . One problem with using child support as a source of income is verifying it.
https://www.fha.com/fha_article?id=813
There are specific guidelines for participating FHA lenders who must include child support, alimony, or maintenance payments as part of loan processing. Borrowers who must pay child support, or other forms of support will be required to furnish documentation for their payments.
https://teammovemortgage.com/2015/07/01/non-taxable-income/
It can be grossed up is because mortgage loans go by a borrower’s gross income. The amount that non taxable income can be grossed up depends on the loan type and sometimes the borrower’s tax rate. If the borrower(s) do not have to file a tax return, then the standard is grossing up income …
https://www.veteransunited.com/education/library/grossing-up/
At Veterans United, we can gross up non-taxable income by 25 percent. For example, let’s say the only income you receive is non-taxable. If your monthly non-taxable income is $2,000 and your major monthly debts are $900, that’s a 45 percent DTI ratio (900/2,000). Grossing up the income by 25 percent hikes the monthly income figure to $2,500.
https://uber-writer.com/grossing-income/
The remaining 55% of income is for a family to pay for items not considered in the debt ratio such as food, insurance, day care, and taxes to name a few. Because the average American family pays around 25% of their income in taxes, conventional guidelines allow a 25% “gross up” …
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