Jun 30
I'm looking into getting an FHA loan, hopefully with down payment assistance. I've taken a class and have an appointment coming up to start the paperwork--but I found out today that there is a possibility that my job might be hit with a 1 day a month furlough (you get an unpaid day off because of the sucky economy; I think it equates to a 5% pay cut).
I'm planning to report this to the loan officer of course, but the state hasn't signed off on the furloughs yet. So will this lesser pay be used to calculate my loan or will my regular pay be used?
I guess I'm asking how mandatory furloughs are being looked at when granting FHA loans/grants.
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