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When can you gross up Social Security income? If the income shows on your 1040's as taxable income can you gross up 125% to qualify?

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi kathielight

As far as I know, the percentage for gross up varies. In case of a FHA loan, it is 115% and in case of conventional loans it is 125%. The reason for the gross up is that SSI , as far as I know, is not a taxable income. Thus the lenders are looking at the income from a pre-tax basis.

Thanks.

Like | Dislike | Share | Posted: Mon, 12/29/2008 - 03:01 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

CAN YOU GROSS UP MILITARY RETIREMENT AND OR DISABLITY. WHAT IS THE GROSS UP36%?

Like | Dislike | Share | Posted: Mon, 07/06/2009 - 10:24 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

taxable social security income would not be grossed up in any situation.

Like | Dislike | Share | Posted: Tue, 07/07/2009 - 08:10 | Post subject:

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