FMLA Income can be used to qualify for a home loan. Lenders consider this “Temporary Income” and will consider the circumstances of the temporary income by reviewing the estimated time before returning to work and the amount of liquid reserves that you have available. If you are receiving temporary income you may still be able to buy or refinance now, so let’s talk!
Related Article Title: Calculating FMLA [Family& Medical Leave Act] Income Question: My client has been employed by the same company for 7 years, but is presently on FMLA and expected to return in a month or two. How do I calculate this income? Answer: This is addressed in the Fannie Mae selling guide, and you […]