I HAVE A BORROWER WHO WILL BE ON MATERNITY LEAVE AT TIME OF THE LOAN CLOSING - CAN WE USE HER INCOME TO QUALIFY?

VA:  

1.  you can use the base pay to qualify if borrower has been employed with the company for at least 12 months before going on leave

2.  You must have written documentation from employer regarding the return date and rate of pay

3.  If borrower won't receive a paycheck prior to the first payment being due, then you should also confirm liquid assets to cover all obligations in the interim

FHA/FNMA/FHLMC:

1.  You can use regular earnings for qualifying if borrower will return to work by the date of the first mortgage payment

2.  If borrower will not be returning to work until after the first mortgage payment, the short term disability earnings are used to qualify along with reserves that can be used as supplemental income

3.  You must have written documentation from employer regarding the return date

USDA:

1.  You can use regular earnings for qualifying if borrower will return to work by the date of the first mortgage payment

2.  If borrower will not be returning to work until after the first mortgage payment, the short term disability earnings are used to qualify along with reserves that can be used as supplemental income

3.  You must have written documentation from employer regarding the return date

4.  Eligibility:   You must use full income to determine eligibility