Can Foster Care Income be used for qualification?

FHA: (TALKED WITH LESLIE AT FHA AS IT IS NOT ADDRESSED IN THE HUD HANDBOOK)
*NEED TO DOCUMENT RECEIPT OF INCOME FOR THE PAST 2 YEARS
*NEED TO SHOW 3 YEAR CONTINUANCE
*NEED LETTER FROM FOSTER CARE STATING THEY ARE APART OF THE PROGRAM, THE CHILDREN AND THEIR AGES - THEY COULD ADDRESS BOTH ITEMS ABOVE AS WELL

FHLMC & FNMA Guidelines: YES

Foster-care income received from a state- or county- sponsored organization

History of receipt: Most recent two-years

Continuance: Must be likely to continue for at least the next three years

Calculation: 24-month average

Documentation to evidence receipt of foster-care income for the most recent two-year period

Document that the borrower has a two-year history of providing foster-care services. If the borrower has not been receiving this type of income for two full years, the income may still be counted as stable income if

the borrower has at least a 12-month history of providing foster-care services, and
the income does not represent more than 30% of the total gross income that is used to qualify for the mortgage loan.

VA: NO - can only be used to offset residual requirements

You can only use foster care income to remove said child/ren from the household size for residual purposes. It cannot be used as effective income to qualify. An adoption stipend; however, can be as long as you can verify it will continue for at least three years after closing.

USDA - Foster child is not an eligible dependent, and therefore you can not include this income as repayment income.