Key Words:Social Security income; non-taxable income; tax exempt income; Freddie mac
When TAX EXEMPT INCOME is needed for qualification, the non-taxable portion of the income may be grossed up by 25% with some documents verifying that the income is nontaxable.
However, for Social Security income (i.e., retirement income, disability benefits, survivor benefits and Supplemental Security Income), we could gross up 15% of the income without obtaining any additional documentation if this is a Freddie Mac loan.
For example, if the Borrower’s Social Security income is $1,000/month, the we could gross up $150 (i.e., 15% of $1,000) without obtaining documentation that this portion of the income is tax exempt, as follows:
$150 x 25% = $37.50
$1,000 + $37.50 = $1,037.50
$1,037.50 can be used for qualifying without obtaining tax returns or other documentation evidencing that the income is tax exempt.
In addition, if we want to gross up the entire amount of income (i.e., $1,000) or other types of non-taxable income, a copy of the federal individual tax return for the most recent one year or other documentation evidencing the income is tax exempt should be provided.
AAA Lendings is a direct mortgage lender with over 20 years of lending experience. We have a group of experienced professionals providing services for home buyers and people with mortgage needs. We offer 100+ customized loan programs in conventional, FHA, VA, EZ qualified and foreigner nationalloans. We always put customer's needs first and provide the best customized solution for each customer.
AAA Lendings,洛杉矶贷款银行,洛杉矶贷款经纪人,加州再融资贷款,加州不查收入家庭贷款,加州贷款银行,不查收入房屋贷款首付,加州不查收入贷款,aaalendings不查收入贷款, 洛杉矶不查收入贷款,外国人不查收入贷款,不查收入贷款2021,Mortgage lenders in California,best mortgage lenders for first-time buyers,Best Mortgage companies to work for in California, Non-QM mortgage loans to borrowers in California,non-QM loans lenders, best Jumbo loans lenders, Jumbo mortgage loans lenders, Best Mortgage Refinance Lenders aaalendings,洛杉磯貸款銀行,洛杉磯貸款經紀人,加州再融資貸款,加州不查收入家庭貸款,加州貸款銀行,不查收入房屋貸款首付,加州不查收入貸款,aaalendings不查收入貸款, 洛杉磯不查收入貸款,外國人不查收入貸款,不查收入貸款2021
阅读原文 阅读 885
