I recently went on short term disability due to my pregnancy. I have good credit & was already pre-approved. Will I still be able to get a?

Asked by M.w, 07030 Sat Sep 25, 2010

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7
Karina Abad, Agent, Hoboken, NJ
Mon Sep 27, 2010
Hello M.w,
as the other agents have said here you should speak with a mortgage representative. I would recommend working with a broker because each bank's lending guidelines are different, some more strict than others.

Feel free to contact my preferred mortgage broker to speak about your situation. He is easy to speak with and will answer all of your questions.

Michael Mundy Pinnacle Mortgage
mmundy@pinnaclemortgage.biz
201-239-1500

All the best!
0 votes
Desari Jabbar, Agent, Stone Mountain, GA
Sun Sep 26, 2010
Definitely speak to a loan officer to get find out if you can get pre-qualified. Consider buying a Fannie Mae property, they recently started a new buyer incentive program.

Please visit my blog
http://www.trulia.com/blog/DesariJabbar/2010/09/3_5_buyer_in…
Web Reference:  http://www.DesariJabbar.com
0 votes
Mary Petti, Agent, Edison, NJ
Sun Sep 26, 2010
MW

Speak directly to your lender (or a few) and find out if any will issue a mortgage based on your current situation.

I would speak to mortgage brokers and direct lenders (like Wells Fargo) to get the best and most information possible.

Good luck with the house hunting AND the new baby !!!
0 votes
, ,
Sat Sep 25, 2010
Ahhh a baby - Congradulations - nothing more special !! (I'm jealous)
Here is the thing. Temporary anything does not make it in the mortgage world when your talking about income. Only because to be fair that stream of income could end tomorrow and then how would you make the payments. We sure don't want to put you in that terrible position.
BUT you have a job that you will return to - right?
So when you start back to work, that minute, it ends the disability - you'll be all set .... as long as you have your employer verify that you have returned and that your employment will continue indefinitely.
If you are really sure of the above, you could proceed to look and have everything in place so you could close as soon as you get back to work. They will probably make a condition on your loan that you prove you are back to work at your same job.
Happy Baby to you!
Sincerely,
Celia
Web Reference:  http://www.homeloandiva.com
0 votes
Fred Glick, Agent, Mountain View, CA
Sat Sep 25, 2010
Fannie Mae has decided that your situation is not acceptable.

You probably need to have your broker go to a lender that will hold the mortgage and see if they will do it.

Best of luck with the mortgage AND the baby.

Fred
Web Reference:  http://fglick.com
0 votes
Are you an agent? You need to read HUD & Fannie Mae's recent publications. When you are on disability due to pregnancy, a borrower can qualify for the mortgage based on two scenarios: if they will not return to work at the close of escrow they need to have the liquid reserves in lieu of their regular income or if they will return to work prior to the close of escrow then they simply need to go back to work and get one pay stub and their regular employment income (base salary, overtime, commission, etc) has to be included during the duration of the leave. Sex/pregnancy related conditions puts borrowers in a protected class per the Civil Rights Act of 1968, so to deny a borrower on the basis of their pregnancy-related condition is like denying a borrower a mortgage because they're Catholic or African-American. Do your homework.
Flag Tue Jun 28, 2016
Sean Shallis, Agent, Westfield, NJ
Sat Sep 25, 2010
We've had several clients go through this situatution.

1. Depends on your debt to income ratio with your income at the time you are issued the loan. Not the prequal/ approval.

2. Lender specific

I would highly suggest speaking w James chu of bank of america...he is a svp over a decade of experience. He has also closed 2-3 loans for clients on mine w this exact situation.

His direct number is 201-725-2800

Sean T Shallis
WEICHERT REALTORS
201-988-1393
Web Reference:  http://theshallisgroup.com
0 votes
Matthew Fran…, Agent, Hoboken, NJ
Sat Sep 25, 2010
This is probably a question you should ask directly to the issuer of the pre approval. I would imagine the time you expect to be on disability will come into play. It's best in these situations to be upfront and honest about everything with your mortgage broker. You may also want to seek a 2nd opinion from a different lender just to double check.

Good luck,

Matthew Franklin
Realtor Associate
Halliburton Homes
609.313.2993
Matt@halliburtonhomes.com
http://www.trulia.com/profile/MattFranklin/
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