#126 Monday Morning Mortgage Tip: Emmy Lebert with Dakotaland FCU

Posted by Shane Andersen on Tuesday, May 19th, 2020 at 8:00am.

Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase. 

This morning I sat down with Emmy Hanson from Dakotaland FCU. Today, we talked about what being furloughed looks like for a refinance or new home purchase.  You can reach Emmy at 605.697.5922 or emmyl@dakotalandfcu.com  Her office is located at 2423 6th St., Brookings SD 57006 or on the web at www.DakotalandFCU.com

 Home Loan Purchases/Refinances While Furloughed

 

- Hey, good morning, everybody. Shane here from the Brookings Home Team powered by Century 21. Yes, I'm in my office today, surprisingly, it's kind of maybe once or twice a week that that happens. But I was able to get in the office today, and we're gonna do a quick Monday morning, recorded, Monday Morning Mortgage tip here with Emmy from Dakotaland. As always, I will have her information on the top, on the bottom, or on the sides, wherever your device allows you to see that. And if you guys have any questions for us before, during, or after, please just mention them in the comments below, and we'll certainly be happy to answer those for you later. So, with that being said, Emmy, thanks for joining me and what do you have for us today?

- So, there was a little bit of conversation previously about furloughed employees and what that really means. So a furloughed employee is a suspension basically of an active employment. So what people need to know if they have a current mortgage going on or they're going through a loan process, I should say, what you really need to know is if you are furloughed during that time, we are unable to use unemployment as qualifying income. So if you're not getting your regular employment income, and you're only getting your CARES act income, if that's what you want to call it, we are not able to use that as it's not technically a source of reliable income. We always have to prove that you're getting income for three years or longer for us to be able to use it as stable and reliable income. So just something to think about kind of the same thing goes with workman's comp. if you're receiving that. We have to prove that you're going to get it for three years or longer in order to use that going forward.

- Is that for any program or any loan? Or is that just on certain programs?

- That is most secondary market programs.

- Okay. All right. And okay, so they could be working for, let's say three years, get furloughed for two months, that doesn't necessarily mean they have to start working for another three years. All right? Just as long as they have a three year history,

- Right, Yep. If you if you go back to work after that two months and continue your regular employment, then we can continue the refinance, or the purchase at that time. It's just while you're getting that unemployment for those two months, we are unable to use that for qualifying purposes.

- Perfect. All right. Short, sweet, to the point the way they should be. So anything else before we sign off for the Monday Morning Tip?

- Nope, if you have any questions, feel free to contact Dani or myself here at Dakotaland.

- Perfect. Thanks, everyone for watching again, we'll be back next week. And as always, feel free to share or tag this video with anybody else that you think would benefit from it. And, and again, reach out to any of us here. If you have any questions at any time, more than likely, if it's a mortgage question, you're gonna have to reach out to Emmy because I'm not probably gonna be able to answer it. But we'd love to answer any questions that you do have on the videos as well. So thanks for watching. Thanks Emmy. Everybody continue to stay safe and healthy. Have a great Monday and we'll see you guys next week, thanks

- See you Monday.

Thinking of selling and/or moving to Brookings, Volga, or any surrounding areas? Got questions? I’m here to help! Visit BrookingsHomeTeam.com for more details!

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