Can I use my foster care income to qualify for a mortgage?

Whether or not you can use foster care income to qualify for a mortgage may depend on a few different factors, such as the type of mortgage you are applying for and the lender's specific requirements.

In general, when applying for a mortgage, lenders will typically look at your income to determine whether you can afford to make your monthly mortgage payments. This income can come from a variety of sources, including employment, self-employment, retirement benefits, and other sources of regular income.

Foster care income, which is typically provided to caregivers by a government agency, may be considered as qualifying income for some types of mortgages, such as FHA loans. However, there may be certain conditions that need to be met in order for this income to be counted towards your overall income, such as having a history of receiving this income consistently over a period of time.

It's important to speak with a lender or mortgage broker who can provide guidance on your specific situation and help you determine whether your foster care income can be used to qualify for a mortgage. They can also assist you in identifying any other sources of income or programs that may be available to help you qualify for a mortgage.

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.