Can I use Social Security or pension income for conventional?
Yes. Social Security and pension payments can qualify, but the benefit type, payment pattern and continuation requirements must be checked separately.
What this actually means.
Fannie Mae treats Social Security on your own work record differently from some survivor or dependent benefits. A pension and withdrawals from an IRA are also different. Fixed retirement payments have different history rules from variable withdrawals. Bring the benefit or account records so the lender can verify the amount, duration and any nontaxable portion.
A simple example
Illustration only. This is not an approval or a loan offer.
Where this can move.
Benefit type, whose work record it uses, fixed or variable payments, account balances, required duration and tax treatment.
Check the sources
- Fannie Mae: Social Security income
- Fannie Mae: pension and retirement payments
- Fannie Mae: income continuance and nontaxable income
Sources checked . Program guidance and lender requirements can change.
Ask the question. Get the straight answer.
Send the scenario and I'll tell you what I'm seeing. No application fee. No long form just to get a basic answer.
More conventional questions on Income.
Educational only. Conventional loan guidelines, lender overlays, rates, fees, PMI, LLPAs, and underwriting requirements can change. Final eligibility depends on full underwriting review. Mortgage Expert, Inc. is not affiliated with Fannie Mae, Freddie Mac, FHFA, or any government agency.