What your mortgage lender requires for social security income (disability and retirement):

Documentation

Your mortgage lender will require the most recent two months bank statements showing the direct deposit of the Social Security Administration (SSA) income. Additionally, they’ll need your year-end statements for the past two years. For disability income, the lender will also need something from the SSA confirming how long you will be receiving the disability income. If it’s a lifetime award, they’ll need proof.

Gross up

Lenders can “gross up” your retirement income with tax returns. The returns should show that the SSA income is non-taxable. Or you’ll need proof that you don’t file taxes since all your income is non-taxable. To “gross up” your income, lenders use 125% of the monthly income you receive to use for qualifying income.

For example, if you get $750/mo in non-taxable SSA retirement income, we would use $937.50/mo as your qualifying income. $750 * 125% = $937.50.

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