If a single parent is applying for a real estate loan, when would the fact have to be revealed that part of the parent's income is from child support?

Question

Kaden Cummings

Social Studies

7 August, 16:28

If a single parent is applying for a real estate loan, when would the fact have to be revealed that part of the parent's income is from child support?

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Answers (1)

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Alyssa Cobb · Answer 1

When the parent is relied on the income of the child for repaying the loan, at that time the parent should reveal it.

Explanation:

An income whether it is an alimony or it is the support from the child or it is the money that is obtained from freelance work or from any second job it is needed to be said if the person is dependent on it for granting purpose of the loan.

So when a parent is applying for a real estate loan, the parent should reveal the fact that he or she is dependent on the income from the child at the time of repayment of the loan.