Published on May 07, 2020
Written by The Servion Group
My borrower is currently not working due to a COVID-19 furlough. Can they still close on their mortgage transaction?
Unfortunately, the answer is no. Borrowers must be working in order to close. If the borrower is collecting unemployment but they do not have a history of collecting unemployment, it cannot be used as qualifying income.
On a conventional loan, how much of the down payment must be from the borrower’s own funds?
This is known as the minimum borrower contribution, and it varies by property type:
How big is a "large deposit"?
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