Social Security Income
The following table provides verification requirements for Social Security income.
Social Security income for retirement or long-term disability that the borrower is drawing from their own account/work record will not have a defined expiration date and must be expected to continue.
Social Security income based on another person's account/work record or from the borrower's own work record, but for the benefit of another (such as a dependent) may also be used in qualifying, provided the underwriter documents a 3-year continuance.
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 or from their own account/work record for the benefit of another2
Retirement
Social Security Administration's (SSA) Award letter,
SSA-1099,
Most recent signed federal income tax returns (or tax transcripts3), or
Proof of current receipt
SSA Award letter,
Proof of current receipt, and
Three-year continuance4
Disability
SSA Award letter,
SSA-1099,
Most recent signed federal income tax returns (or tax transcripts3), or
Proof of current receipt
SSA Award letter,
Proof of current receipt, and
Three-year continuance4
Supplement Security Income (SSI)
SSA Award letter, and
Proof of current receipt
NA
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