Tag: Child Support

Divorce Decree vs. Temporary Orders – Child Support Official Start Date

Body Question: Both of my clients receive child support from a former partner. However, one has received child support for over a year and the other for only 7 months. Does the “6-month” requirement start when the divorce was finalized or when the temporary orders were issued? Answer: The measurement can be from the temporary […]

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Child Support as Reduction of Income vs. Liability

Question: Will VA allow child support to be deducted from the income, or must it always be treated as a liability? Answer: Spousal support may be treated as a reduction in income on VA Form 26-6393, Loan Analysis. Child support payment is treated as a liability on VA Form 26-6393, Loan Analysis. Reference: VA Lenders […]

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USDA – Major Revisions to Chapter 10 – Credit Analysis

Written by: David Hail, Staff Writer The revisions to technical handbook HB-1-3555 Chapter 10, Credit Analysis, are significant and require your full attention if you are originating these types of loans. Rule Synopsis: On December 19, 2019 USDA Rural Development announced upcoming revisions to technical handbook HB-1-3555 Chapter 10, Credit Analysis. They provided an advance […]

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USDA – Voluntary Child Support: If child support is not court ordered and only voluntarily paid, do I need to include this in the DTI? [Divorced Borrowers Quick Comparison Chart]

Answer: Voluntary payments do not need to be included in the DTI.  Beyond this it will be up to your underwriter as to how they will choose to interpret this part of the guidelines, and the documentation they will accept that will satisfy their requirements for due diligence. I assume that there is also no […]

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