Alimony, Child Support, or Separate Maintenance
The following table provides verification requirements for alimony, child support, or separate maintenance.
|✓||Verification of Income From Alimony, Child Support, or Separate Maintenance|
|Document that alimony, child support or separate maintenance will continue to be paid for at least three years after the date of the mortgage application, as verified by one of the following:
Check for limitations on the continuance of the payments, such as the age of the children for whom the support is being paid or the duration over which alimony is required to be paid.
|Document no less than six months of the borrower’s most recent regular receipt of the full payment.|
|Review the payment history to determine its suitability as stable qualifying income. To be considered stable income, full, regular, and timely payments must have been received for six months or longer. Income received for less than six months is considered unstable and may not be used to qualify the borrower for the mortgage. In addition, if full or partial payments are made on an inconsistent or sporadic basis, the income is not acceptable for the purpose of qualifying the borrower.|
For additional information, see B3-3.1-09, Other Sources of Income.