Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 07-12-2018, 08:39 PM
 
335 posts, read 569,028 times
Reputation: 206

Advertisements

Is social security grossed up by 25% when getting qualified for a mortgage?
Reply With Quote Quick reply to this message

 
Old 07-12-2018, 09:17 PM
 
12,016 posts, read 12,698,013 times
Reputation: 13420
It can be. I don't know that it's automatic, but you can request it, but I don't know that if it's a law that they have to accept it as such. I think it also depends if it's taxable money or not, depending on other income, but i don't know the specifics. But yes generally SS is not taxed so I think they can multiply it by 125% as your gross income for DTI ratio.
Reply With Quote Quick reply to this message
 
Old 07-13-2018, 05:57 AM
 
Location: MID ATLANTIC
8,670 posts, read 22,856,196 times
Reputation: 10490
It depends on the type of loan you are seeking, conventional loans, yes. Every lender is different (some use tax brackets), but we will gross up 125%, provided the borrower is not being taxed for making too much money. Grossing up is done on all non tax income such as child support and disability. (Must continue for at least 3 years to count).
Reply With Quote Quick reply to this message
 
Old 07-13-2018, 11:57 PM
 
335 posts, read 569,028 times
Reputation: 206
Thanks. Good to know!
Reply With Quote Quick reply to this message
 
Old 07-14-2018, 08:20 PM
 
Location: Gallatin Valley
503 posts, read 1,451,241 times
Reputation: 446
We bought in June. Lender told me they can mark it up 15%
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages

All times are GMT -6. The time now is 08:38 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top