When refinancing can i use alimonychild support as my only income and how long do i have to show it?

Kip
I need to refinance my house, but my only source of income is alimony and child support. I checked the IRS site and that is considered income, but I've only been receiving it since January, 2009. How long and how do I have to show this income in order to refinance?

Jason
You would need it to be a steady 2 years. You would need to prove that that person actually is sending it to you. I highly doubt they are going to take your word and the divorce or legal decree stating this person owes you so much per month, as a lot of exes do not pay, or pay regularly. So you would need proof for a period of 2 years that they have been paying.I would think if it started in Jan 09 that isn't enough of a track record to know if this person is going to default on you.

Buford
Afraid that this would not be enough. You have to show your W-2 forms for the last several years to show that you are working. Having received your alimony and child support for the last two months, based on someone elses income will not do it for you. Sorry.

Chantelle
you will not qualify you NEED a JOB to refi because child support is used as a income but that is not enough unless you get about 3 to 4 grand a month for a $200, 000.00 house. GET A JOB.