Can You Get A Mortgage With Only Social Security Income

You only need to receive your first paycheck before closing. 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. This means that lenders can through a process called grossing up add an additional 25 percent to your social security income because you won t be paying income tax on this income.

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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.

Can you get a mortgage with only social security 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.

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. Whether you are receiving retirement or disability benefits on your own behalf you will need.

Social Security Income For Mortgage Lending Guidelines

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