is anyone is here a mortage specialst i have many questions please help..?

Question

is it possible to get a mortage while on maternity leave. MSN messenger [e-mail] help!!!

Answer 1

I'm not a mortgage specialist, but I am a realtor. Yes, you can in fact still qualify for a mortgage while out on materinity leave. In fact, you could if you were unemployed (though I wouldn't recommend it). The process is called using "stated income". Which actually requires you to provide the past two years of tax returns and your most recent pay stub (if within the last two months). Good luck and happy house hunting!

Please feel free to contact me through answers if you still have any other questions.

Answer 2

I currently work in the real estate title industry, but have worked in mortgage as well (8 yrs in title, 2 years in mortgage).

Yes, you can obtain a mortgage loan even if you are on maternity leave, as the one responder mentioned. However, in order to use SISA (Stated Income, Stated Assets) you must have a really good credit score in addition to the required documentation of 2 years tax returns, and req'd paystubs, bank statements, etc.

There is also a NINA, which is No Income, No Assets, but again, you have to have really good credit to qualify.

I'm curious as to whether you are receiving any kind of leave pay during your absence from work, such as vacation pay, sick pay, and/or short-term disability pay. If you are receiving vacation and/or sick leave pay, I'm assuming that you are still getting your full paycheck. If that's the case, you should still be able to qualify for a standard loan program (i.e. conventional loan, FHA, etc.) if you meet other qualifications.

If you are on short-term disability, then your pay is reduced during your absence; but you're still receiving an income. Again, if you qualify for a standard loan program you should still be able to obtain a mortgage with the income you're currently making, considering that it is temporary. By providing the last 2 years tax returns, whatever number of bank statements and paystubs the investor requires for the loan program, etc., you should be able to use your 'normal' income.

There are some very creative loan programs out there. If you've got good credit (typically a credit score that's 620 and above) you should qualify for several available programs.

Shop around though. Don't take the first offer you get. Check with different banks, credit unions, independent mortgage companies, etc., obtain good faith estimates from each, and compare interest rates, lender fees, etc. And once you get to the closing table, check closely the Note and Deed of Trust to make sure you're getting the rate and terms you agreed to. Then check the Settlement Statement (HUD-1) and compare to the original GFE you were given to make sure that there are no surprises.

And don't hesitate to ask questions. Obtaining a mortgage is a very big step and it's your credit and money on the line. Don't let anyone hurry you into a decision.

Good luck!

Answer 3

You shouldn't have a problem obtaining a mortgage while on maternity, as long as you are employed and receiving a pay check. I would definitely check with a reputable lender in your area for specifics.

Things to think about when you plan to obtain a mortgage.... 1) Don't buy any big ticket items while obtaining a mortgage. It can seriously effect your credit scores. 2) Find a trustworthy lender with a good reputation. 3) Turn in all requested paperwork in a timely fashion.