The key to using alimony and child support as income is consistency to the agreed amount whether it is court ordered, paid in advance, or voluntarily agreed in a divorce settlement.
Missed payments, inconsistent payments, and undocumented cash deposits will disqualify use of alimony or child support In Florida. You can’t count alimony unless you’re legally divorced and child support can only be used as income if it is court ordered.
For FNMA AND FHLMC, the applicant must provide the most recent six-month history of regular receipt of the full payment amount, or we have to wait 6 months to get the payment history. Individual payment amounts may vary as long as the monthly total equals the amount to be paid per the legal documents.
For FHA and VA, your most recent three-month receipt must be obtained.
Court Ordered Payments: You most recent 12-month receipt must be obtained.
Voluntary Payment Agreements: For FNMA, FHLMC and FHA in Florida, payments must be expected for at least 3 years from the APPLICATION Date. VA requires 3 years from CLOSING Date.