how to gross up ss income in FHA loan?

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Icon Mini Profile zaidiyu





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Post Posted: Thu Dec 25, 2008 1:52 pm    Post subject: how to gross up ss income in FHA loan?
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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:
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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
Icon Mini Profile jveenstra
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Post Posted: Fri Dec 26, 2008 9:26 am    Post subject: FHA Income
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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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