how to gross up ss income in FHA loan?

zaidiyu · Joined: 25 Dec 2008 Posts: 1 1.29 Dollars($)

for example, if person's net SS income is 1000, gross ss income include the midecial permium is 1188, what is max income can be use for apply a FHA loan?

smithsussane · Posted: Thu Dec 25, 2008 11:18 pm Post subject:

Hi zaidiyu!

Welcome to forums!

In my opinion, the medical premium will not be considered as an income. I think the SS income of $1000 will only be considered.

Sussane

jveenstra · Posted: Fri Dec 26, 2008 9:26 am Post subject: FHA Income

The income that can be used is probabaly $1,000 and if you do not pay taxes on that it can probabaly be grossed up at 125% so the useable income for qualifying is probabaly $1,250

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