09-19-2012 01:29 PM
My husband is currently working and he will be retiring next month. We will be using his Social Security benefits as partial income to qualify for a mortgage. He has been approved for benefits and has received a Notice of Award letter. Unfortunately the bank we have been working with requires proof of receipt of one month of benefits in order to use this income for approval--something they neglected to tell us when we initially applied. This would make closing mid-January at the earliest In the mean time, we've found our dream retirement home and we'd like to place a bid on it.
Is this a requirement of all banks/underwriters, or are some a little more flexible with this? He has ample money in the bank to cover the interim mortgage payments.