Selling Guide

Published April 07, 2021

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What are the requirements for using Social Security Income?

Social Security Income

The following table provides verification requirements for Social Security income.

Verification of Social Security Income
  Social Security income for retirement or long-term disability that the borrower is drawing from his or her own account/work record will not have a defined expiration date and must be expected to continue.

However, if Social Security benefits are being paid as a benefit for a family member of the benefit owner, that income may be used in qualifying if the lender obtains documentation that confirms the remaining term is at least three years from the date of the mortgage application.

  Document regular receipt of payments, as verified by the following, depending on the type of benefit and the relationship of the beneficiary (self or other) as shown in the table below.
Documentation Requirements
Type of Social Security benefit Borrower is drawing Social Security benefits from own account/work record 1 Borrower is drawing Social Security benefits from another person’s account/work record 2
Retirement
  • Social Security Administrator’s (SSA) Award letter, or

  • Proof of current receipt

  • SSA Award letter,

  • Proof of current receipt, AND

  • Three-year continuance (e.g., verification of beneficiary’s age)

Disability
Survivor Benefits NA
Supplement Security Income (SSI)
  • SSA Award letter, and

  • Proof of current receipt

NA

1 An SSA Award letter may be used to document the income if the borrower is receiving Social Security payments or if the borrower will begin receiving payments on or before the first payment date of the subject mortgage as confirmed by a recently issued award letter.

2 Examples of how a borrower might draw Social Security benefits from another person’s account/work record and use the income for qualifying: A borrower may be eligible for benefits from a spouse, ex-spouse, or dependent parents (the benefit is paid to the borrower on behalf of the spouse, etc.); or A borrower may use Social Security income received by a dependent (a minor or disabled dependent).

If a borrower’s Social Security income is validated by the DU validation service, DU will issue a message indicating the required documentation. This documentation may differ from the requirements described above. See B3-2-02, DU Validation Service.

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