Can I use Social Security income to qualify?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Yes. Social Security income counts, and because much of it is non-taxable, lenders can 'gross it up' — adding roughly 15% to 25% — which increases your qualifying income.
You'll document it with an award letter and recent statements. The grossing-up rule helps retirees and disability recipients qualify for more. We'll apply it correctly to your file.
Social Security as qualifying income
Social Security counts as stable income. Retirement, disability, and survivor benefits all qualify. You show an award letter or a recent bank deposit.
Because much of it is not taxed, lenders may gross it up. That means they treat it as worth more for qualifying. It can meaningfully raise your buying power.
Retirees buying in Florida
Florida draws retirees for good reason. Social Security income buys plenty of home here. We know how to present it for the best result.
Bring your award letter and recent statements. We will calculate the grossed-up figure and build your budget.