13. How does child support and alimony affect my qualification?

Where child support and alimony are paid by you, generally the amount paid out is deducted from your total income before determining the size of mortgage you will qualify for. Either or both of these payments are considered to be a monthly debt and must be used when calculating the debt service ratios.

Where child support and alimony are received by you, the amount paid may be added to your total income before determining the size of mortgage you will qualify for. Receipt of either or both of these payments by you, are considered income and must be proven to the lender by way of a legal agreement.