Can You Get A Mortgage If Your Only Income Is Social Security

If you are plan to use social security income towards your mortgage loan there will also be some required documentation you will need as well.

Can you get a mortgage if your only income is social security.

If the mortgage company requires the total debt not exceed 40 percent of the borrower s income then the borrower s total amount debt payments required including the house payment house taxes and insurance. The average social security benefit for a couple stands at a little north of 2 100 and banks seek to ensure that a mortgage is no more than 30 of monthly gross income. Understanding how the income can be used to qualify for a mortgage as well as the documents required to qualify will help you when applying. Once you begin receiving social security benefits this income can be used to qualify.

As a result that boost. The social security administrator s award letter and a proof of current receipt. As an example if you earn 1 000 a month in social security your lender might count your social security income as 1 250 your 1 000 payment plus 25 percent. You only need to receive your first paycheck before closing.

Whether you are receiving retirement or disability benefits on your own behalf you will need. In most cases the mortgage holder s bank or lending institution will require some form of income documentation to complete the mortgage refinance. This is usually a paycheck from a job or a w 2 form for income tax purposes.