Social Security Income
What is Social Security Income?
Social Security Income is a benefit paid to an individual by the Social Security Administration, an agency of the Federal Government. This includes income for retirement, disability and survivor benefits, and is typically paid out monthly and evaluated every year.
What are the Credit Requirements?
If you are using Social Security income to qualify and it is from your own retirement income or disability income, all we will need to see is that you are currently receiving payments and proof of the monthly payment amount. If you are receiving Social Security income on behalf of a dependant, we will also need proof that this will continue for 3 years. For example, if you receive Social Security income for a child and it will continue until they are 18, all we will need is proof of the child’s current age.
What do we need?
Social Security Income in your own name:
- Social Security Benefit Letter from current year OR
- SSA-1099 from most recent tax year OR
- Proof of current receipt of payments in your bank account
Social Security Income on behalf of another person:
- Social Security Benefit Letter from current year AND
- Proof of current receipt of payments in your bank account AND
- Proof of 3 year continuance
If you do not have your Benefit Letter or cannot find it, you can download a new version from the Social Security Administration website. You will need to set up an online account or log into your existing account. Once you are logged in, go to “Replacement Documents” on the right side of the screen, then choose “get a Benefit Verification Letter” to view, save and print your personalized letter.