Temporary leave due to COVID-19 from an employer may encompass various circumstances (e.g. family and medical, short-term disability, maternity, other temporary leaves with or without pay). During a temporary leave, a borrower’s income may be reduced and/or completely interrupted during their absence from work.
So how to qualify borrower’s income if temporary leave?
● For borrowers returning to their current employer prior to the first mortgage payment due date: Borrower’s pre-leave gross monthly income may be used.
● For Borrowers returning to their current employer after the first Mortgage payment due date: lesser of the borrower's temporary leave income (if any) or regular employment income.
Additionally, if temporary income is less than the regular employment income, the temporary income may be supplemented with available liquid reserves.
Post time: Jan-21-2022