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

Short-Term Leave? MortgageDepot Says “No Problem!”

  1. Home
  2. News
09
Dec
Short-Term Leave? MortgageDepot Says “No Problem!”

When you need to take a leave of absence from your job, it seems like all of your financial goals come to a halt. It’s frustrating, especially if your leave is a short-term situation.

If you are on a temporary leave of absence from work, did you know that you can use your pre-leave income to qualify for a mortgage in Pennsylvania? At MortgageDepot, we work with lenders that make this possible.

Defining Temporary Leave

Temporary leave might seem like a pretty cut-and-dried situation, but not every absence from work counts. If you want to qualify for a mortgage using your pre-leave income, here are the types of temporary leave that are acceptable:

  • Maternity or paternal leave
  • Family leave
  • Short-term medical leave
  • Other short-term absences indicated by law or your employer.

Using Your Pre-Leave Income To Qualify for a Mortgage

Now that you know that a temporary leave doesn’t mean that your real estate goals need to take a backseat, you can prepare to take action. Here are the requirements that you need to know:

  • You must return to work and begin generating income before closing.
  • You will need a completed Verification of Employment (VOE) to explain your reason for taking a leave of absence.
  • You can use cash reserves, in addition to your pre-leave income, to qualify. Cash reserves are divided by the number of months you were on leave. Your reserve income cannot exceed your employment income.
  • If you aren’t returning to work until after closing, a reduced income figure will be used to determine eligibility.

What About COVID-19?

In general, COVID-19 layoffs are not an acceptable reason for short-term leave. COVID-19 illness might be a different story. Talk to your employer (and us, of course) to figure out the specifics of your scenario.

Contact Us Today!

Don’t put your home ownership dreams on hold. If you need a mortgage in Pennsylvania, connect with us today to learn how to qualify during a short-term leave situation!

Contact us today or email us here for more information.

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