Pennsylvania@MortgageDepot.com

    

Call US: 717-803-2800

  • Home
  • Programs
    • Refinance
    • Purchase
    • Delayed Financing
    • Reverse Mortgage
    • Commercial Properties
    • FHA Loans
    • VA Loans
    • Renovation Loans
    • Asset Utilization Loans
  • Resources
    • Credit Check
    • News & Updates
    • Loan Limits
  • About Us
  • Contact
  • Fast Quote

Every Dollar Counts: Using Liquid Assets as Temporary Leave Income

  1. Home
  2. News
28
Jul
Every Dollar Counts: Using Liquid Assets as Temporary Leave Income

At MortgageDepot, we see plenty of borrowers who don’t quite fit the mortgage qualification mold. It’s safe to say that nearly every borrower brings a new situation to the table! We help our Pennsylvania clients overcome their most challenging qualification barriers with innovative mortgage solutions.

What if you find your dream home while you are on temporary leave from your job? How can you prove that you can afford your mortgage payments while you’re not bringing in a paycheck? MortgageDepot offers a loan product that allows borrowers to use liquid assets as Temporary Leave Income.

What is Temporary Leave Income?

If you will be on short-term leave from your job when you close on your mortgage (or immediately following closing), you will need to tell the lender exactly how you plan to cover your mortgage payments until you return to work. This is called Temporary Leave Income. Qualifying temporary leave situations include:

  • Maternity leave.
  • Family medical leave.
  • Short-term medical disability.

Using Liquid Assets as Temporary Leave Income

To use liquid assets as Temporary Leave Income, borrowers must:

  • Only use funds available after subtracting down payment, closing costs and required reserves from the liquid assets.
  • Produce a written statement indicating the date that they plan to return to work.
  • Produce a written confirmation from their employer stating that the borrower will have a job after their leave is complete.
  • Divide the dollar amount of liquid assets by the number of months they expect to be off work to arrive at a monthly supplemental income amount.

Math problems can be tricky, but figuring out your Temporary Leave Income from liquid assets is quite simple. Here is an example:

If you have $10,000 of liquid assets in your bank account and you plan to be off of work for two months, your monthly Temporary Leave Income from liquid assets would be $5,000.

Contact MortgageDepot Today!

Our experienced loan officers want to hear what makes your situation unique, and they want to help you finance your next home in Pennsylvania!

Contact us today or email us here to learn more about our mortgage solutions.

Have questions or need help?

Call us now at 717-803-2800

Request a call back or email us your questions!

Get Started

No obligation quote

Fast Quote
Search
Categories
  • Commercial Properties
  • Condo Loans
  • Coop Loans
  • Covid Updates
  • FHA & VA
  • Foreign National
  • Home Purchase
  • Home Refinance
  • Investment Properties
  • Jumbo Loans
  • Loan Officers
  • Loan Process
  • Loan Programs
  • Mortgage Basics
  • Mortgage Rates
  • MortgageDepot Careers
  • MortgageDepot Updates
  • Non-QM
  • Pre-Approval
  • Recent Transactions
  • Reverse Mortgage
  • Self-Employed
  • Stated Income
  • Uncategorized
Mortgage Calculator
www.mlcalc.com

This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.

717-803-2800 Pennsylvania@MortgageDepot.com

About Us

  • What is MortgagePennsylvania?
  • Careers with us
  • Pennsylvania Department of Banking and Securities *Registered Mortgage Broker | All Mortgage loans are arranged with third party providers
  • FAST QUOTE
  • Investors
  • Refinance
  • Purchase
  • Delayed Financing
  • Reverse Mortgage
  • Commercial Mortgages
  • FHA Loans
  • VA Loans
  • Renovation Loans

Quick Links

  • Legal Information
  • Overview
  • Privacy

Copyright © 2023 MortgagePennsylvania.com

Design by SiteGator

Cleantalk Pixel