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A Maternity Leave’s Impact on the Home Buying Process

As people prepare to expand their family, many are looking to buy a larger home. However, when looking to purchase a home with a child on the way, it is important to realize that a maternity leave can impact the home buying process. A temporary leave from work will affect your ability to secure a loan. To approve you for a loan, a lender needs information on your salary and compensation. They will request documents to support this information: pay stubs, W-2 forms, etc. When you have a temporary leave from work, you will no longer be generating any income. This will cause the lender to be hesitant.

If you are seeking to buy a home during the same time period of giving birth and need your current salary to be included in the pre-approval process, consider the following situations:

  1. If you have a leave of absence that does not provide you with income, then you should go back to work. That will enable you to have your income count in the process of being approved for a mortgage.
  2. If you have a leave of absence that does provide you with income, then your salary and the compensation you receive will be considered under the following conditions: you are returning to work within 60 days or you have a justifiable reason that has been approved by your employer to take more than 60 days.

If neither of those options is possible for you, you have not run out of possibilities! You can:

  • Have a co-signer added to the loan
  • Increase your down payment
  • Decrease your consumer debt

When being approved for a loan, the lender has to be certain that the borrower will be able to make the payments. A maternity leave causes a predicament. Talk to your lender if you find yourself in this situation. They will help you through the process.

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