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Will USDA rural development approve my loan?

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

 
Anonymous

Asked by Anonymous at 8:33 AM on Oct. 22, 2010 in Money & Work

This question is closed.
Answers (4)
  • If you were prequalified, and nothing has changed it sounds like you should be okay. You wont be approved for a huge house, but im sure you will get adequate housing! congrats and good luck to you! please let me know how this works out for you, Im getting ready to start my application package for them next month! Working on the credit score right now!!
    sweetstkissez22

    Answer by sweetstkissez22 at 8:52 AM on Oct. 22, 2010

  • Get a reciept from the father for all child support he has payed you. There are Government programs that can help you. Call the IRS Office. The child care office may be able to help you. It also depends on your income.
    Glo402

    Answer by Glo402 at 8:43 AM on Oct. 22, 2010

  • I wonder how much of a house you can get working part time
    kina803

    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.

    emerald53197

    Answer by emerald53197 at 11:13 AM on Oct. 22, 2010

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