Yes. Social Security and Disability pay is an allowable source of income that you can use to qualify for any type of mortgage. You just need to be able to document the amount and that it will continue for at least 3 years.
Here are the main requirements for using these types of income:
Social Security income must be verified by the Social Security Administration (SSA) or from Federal tax returns. If any benefits expire within the first full three years of the loan, the income may only be considered as a compensating factor.
Â· The lender must obtain a complete copy of the current awards letter.
Â· Not all Social Security income is for retirement-aged recipients; therefore,
documented continuation is required.
Â· Some portion of Social Security income may be â€œgrossed-upâ€ if deemed
nontaxable by the IRS.
Hope this helps!
Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 | Fax (248) 595-7130 | Direct (248) 728-0078
Visit my website at http://tonygrech.pmaclending.com... more
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