✉news BusinessPersonal Finance first seen 11 h ago, last 3 h ago, peak #11
How Social Security Boosts Mortgage Buying Power
Original: His $3,000 Social Security Check Can Count as $3,113 to a Mortgage Lender. That Matters More With Rates Back Above 7%
Mortgage lenders allow retirees to gross up Social Security income: a $3,000 monthly check can be counted as $3,113 because it is tax-free income. With 30-year mortgage rates climbing back above 7%, that extra qualifying income matters more, since higher rates shrink how much house a borrower can afford. Financial writers are highlighting the gross-up rule as a way retirees on fixed incomes can maximize their borrowing power despite expensive borrowing conditions.
Why now: Mortgage rates have risen above 7%, renewing interest in tricks that stretch borrowers' qualifying income.
Social Securitymortgage lenders24/7 Wall St.
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- His $3,000 Social Security Check Can Count as $3,113 to a Mortgage Lender. That Matters More With Rates Back Above 7% · 24/7 Wall St.
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