Buying A Home
Dear Community,

Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.

If you have questions about this, please email help@theknot.com.

Thank you.

Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.

follow up to maternity leave and mortgages

I know this was posted last week but can't find the post.  We had been pre approved for a mortgage about a month ago.  We are working with a smaller lender.  I am now out on ML and getting 60% of my salary through disability.  I poke with my lender regarding this and she said I need to be back at full pay for one ay cycle prior to closing.  Just info for those of you who are pregnant looking for houses - check with your lender!!

Re: follow up to maternity leave and mortgages

  • I just read an article about how this is illegal the other day.  I'll try to find it but I can't remember where online I read it.  Basically there is an older act that makes it illegal to deny someone based on them being on std (for maternity or other leave).  I believe this article was related to the penalty banks have to pay because of this.  It caught my attention because I plan on refinancing this summer while out on may leave.  I'll try and find it and edit my post with the link for you and to reread it myself. 
    Baby Birthday Ticker Ticker
  • Yup, this happened to one of our buyers. We had to delay closing because buyer was on maternity leave and bank would not give final approval until she went back to work. She had to show two pay checks at the same salary that she had originally put on her application. Basically since the buyers income decreased, the bank would not approve the original loan. 
  • There's a huge sign in the middle of the mall by my house for some lawyer saying it's illegal for banks to deny you a mortgage if you go on maternity leave during the process... I don't know the details but it might be worth looking into more...
    Warning No formatter is installed for the format bbhtml
  • They will not deny it but it is a change of income compared to what was previously offered.  In their eyes I can't produce proof of my income and it's no different than if I quit my job.  I don't think it's bring discrimnatory, I actually understand and agree with it.  Whose to say you would approve me for a x amount mortgage, we close and now I can't pay it because I decide to stay home with Jr?   

Sign In or Register to comment.
Choose Another Board
Search Boards