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Applying for a mortgage while owing child support

Owing child support can make it harder to buy a home in Colorado or anywhere else in two different ways. First, child support is counted as a debt when determining a borrower's debt-to-income ratio. Second, owing past support can have a negative impact on a person's credit report and score. However, there is no guarantee that back child support will even show up on a credit report.

Individuals who are looking to purchase homes should first get copies of their credit reports. They will show whether back support or other negative information is being shown to lenders. Potential buyers should also check their credit scores to see if they meet lender requirements. The possible impact of a past due child support payment may also depend on the type of loan for which a person is applying. For instance, Fannie Mae does not list this as a derogatory event that needs special consideration.

Those who are applying for FHA, USDA or VA loans cannot be approved if they are in a federal administrative offset program. This can happen when a parent owes more than $25 and is more than 30 days late paying that balance. Those who would like such financing may help themselves by taking care of their debt prior to applying for loans.

Parents who owe child support may benefit from consulting with Greenwood Village, Colorado, child support attorneys. It may be possible to find ways to take care of past due payments or modify an existing order to make future payments easier to handle. Taking these or other steps may help a parent apply for a mortgage or otherwise maintain their preferred style of living. It may also keep them off federal registries that track those who owe the government money.

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