Can a custodial parent waive back child support?
A custodial parent can waive or forgive all arrears owed to him or her directly. Use the Account Summary from the SCU to determine what arrears are owed to the parent, and what arrears are owed to the state (if the custodial parent ever received Public Assistance).
What happens if two parents claim the same child?
The Internal Revenue Service (IRS) allows you to potentially reduce your tax by claiming a dependent child on a tax return. When both parents claim the child, the IRS will usually allow the claim for the parent that the child lived with the most during the year.
How do you prove child support for a mortgage?
In order to prove that the child support income is legitimate, the lender may ask you to provide the following:A copy of the Family Law Court Order.Bank statements showing credits to your account.A letter from your solicitor.A letter from the Child Support Agency (CSA).
Do mortgage lenders look at child support?
Answer: Child support payments do not directly impact your ability to get a mortgage; instead, it all depends on whether your income qualifies you for one, our experts say. One of the major aspects of your finances that a lender will look at when considering you for a loan is your debt-to income ratio.
Is child support calculated in debt to income ratio?
Your lender will require documentation that describes the agreement, the FHA loan applicant’s financial commitment, etc. In general, child support payments and maintenance payments are considered by the FHA to be a “recurring liability” and that financial obligation is included in your debt-to-income ratio.