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

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.

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

In most cases the mortgage holder s bank or lending institution will require some form of income documentation to complete the mortgage refinance. The social security administrator s award letter and a proof of current receipt. 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. This is usually a paycheck from a job or a w 2 form for income tax purposes.

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. Social security recipients will use the initial award letter they received when they applied for benefits. 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. As a result that boost.

Whether you are receiving retirement or disability benefits on your own behalf you will need. Once you begin receiving social security benefits this income can be used to qualify. 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.