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Sometimes called a "budget letter" or proof of income letter, the benefit verification statement from Social Security is used for several different instances where proof of your status or income is...
The Social Security Administration, court proceedings, and applications for federal financial aid for college all use Form W-2 as proof of income. [ 4 ] The employee receives three paper copies of Form W-2: one as a personal record, one for the federal tax return filing, and one for the state tax return filing. [ 4 ]
The lack of verification makes these loans particularly simple targets for fraud. [3] Stated income loans fill a gap of situations which normal loan standards would not approve. For example, a standard rule is that a customer's mortgage and other loan payments should take up no more than 45% of the person's income.
The SSA says it implements strict verification and security features to keep your information safe. You can also call Social Security at 800-772-1213 or contact your local Social Security office.
Verification of Income and Employment (VOIE) is a process [1] used by banks and mortgage lenders in the United States to review the employment history of a borrower, [2] to determine the borrower's job stability and cross-reference income history with that stated on the Uniform Residential Loan Application (Form 1003).
While a simple bank statement often suffices as proof of funds, you might need to provide more context with an official letter from your bank. Sometimes, the lender has the borrower fill out a ...