Have a question regarding SS income documentation. Fannie Mae required documentation for SS income is either the SSA Award letter OR proof of current receipt.
Per Appendix Q Social Security Income. Social Security income must be verified by a Social Security Administration benefit verification letter (sometimes called a "proof of income letter," "budget letter," "benefits letter," or "proof of award letter").
So if we have proof of receipt - ie bank statement reflecting direct deposit but not the award letter, or other 'letters' is loan still QM qualified? Do we have to have the award/proof etc. award letter? Appendix Q does not specify proof of 'receipt'.
This may be a silly question but it's all in the wording/interpretation that is giving processors confusion.