We're currently in the process of buying a new build home. In order to do so we have to get approved through the housing developments lender.
Their lender will not approve us because my husbands income declined from the last two years previous.
The decline in income is due to the FMLA he took for baby bonding after our son was born.
He has been back to work for 6 months now and was paid disability while he was off
The disability pay was a fraction of his normal income but they won't accept that as income.
Furthermore, we have been approved for the loan amount from the broker selling our current home because she is going off of his normal weekly 40 hour pay. Including his vacation he makes through his union contract.
The lender denying us will not subtract his time off-10 weeks, when calculation his current yearly income, which had he not took off time would be the same if not more than previous years.
This is very frustrating to be approved through another person but the housing development will only allow us to reserve a lot of their lender agreed with ours.
And we're being told that our decline in income is the reason we can't be approved. There has to be protection for those who take FMLA.
Need advice!
Read more: Are we protected under fair housing act when applying for a mortgage loan with a decrease in yearly income from previous years because FMLA?
