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Do I need to provide child support or alimony details?

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When M&T Bank is verifying income for a loan, we consider all forms of income. That includes traditional income on a W-2, tips, bonuses, dividend income and more. But if you're receiving child support, alimony or separate maintenance income, you aren't required to report this during the mortgage application process. It can help, though. We don't need to get involved in your personal business if you don't want us there.

If you want to have that income considered while we're verifying total income, have a chat with your loan officer and provide the supporting documentation. If you can prove, for income verification, that it has been paid on time for the last year and that it is scheduled to continue for the next three years, that's a positive. This is where cash payments don't work so consider canceled checks or court papers that say the payments have continued as scheduled.

On the other side, if you are providing separate child support or alimony as a result of a divorce decree or something similar, then reporting that is necessary. It won't affect your loan if you still have an income that supports the mortgage you want.