I am working part time (17-20h) and I have a good credit score, also I have been prequalifed for the program. I have 2 dependents and their father pays me child support directly (it's not court ordered). So how can I show this as part of my income? or will they not include it
Asked by Anonymous at 8:33 AM on Oct. 22, 2010 in Money & Work
Answer by sweetstkissez22 at 8:52 AM on Oct. 22, 2010
Answer by Glo402 at 8:43 AM on Oct. 22, 2010
Answer by kina803 at 10:21 AM on Oct. 22, 2010
Child support is shown as "Other Income" you can document it by placing it in your checking account each month. You will also need to show bank statements (3 months). Also I would ask about the ARRA funds used to fund this program. With the ARRA funds when will they be released and how much is available. A lot of times there is only so much funds available and it's usually the first ones who get everything in and closed get those funds and the last ones in end up with no funds to secure their loan. Realize that for this type of loan the house you want needs to be within the "Rural Area" according the the USDA guidelines if it is not then the house won't qualify. The ratios for this program are 29%/41%. I would start by looking at the house you want and what would be needed to obtain it and does your working income and child support justify it. Good luck.
Answer by emerald53197 at 11:13 AM on Oct. 22, 2010