how to gross up ss income in FHA loan?

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Icon Mini Profile zaidiyu

Joined: 25 Dec 2008

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Post Posted: Thu Dec 25, 2008 1:52 pm    Post subject: how to gross up ss income in FHA loan?

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?
Icon Mini Profile smithsussane

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Post 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.

Icon Mini Profile jveenstra
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Post 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
John Veenstra, Mortgage Banker
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River Edge, NJ 07661
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