October 24, 2020
link to facebook link to twitter

Real Estate & Business

Scott Sheldon
Can you get a mortgage if you are furloughed?
September 25, 2020

Many employers have furloughed employees due to work capacity, financial constraints or other reasons. If you’re furloughed with your current job more than likely you’re going to have a difficult time getting a mortgage. While each individual company might have a different guideline, most lenders from a blanket standpoint have a requirement in place that you are back to work in order to qualify to get a mortgage. This means you have to be back to work supported with a pay stub typically and written verification from the employer.

The challenge with being furloughed is not having a return-to-work start date, it’s a possibility that you might not return to work at all depending on whatever financial constraints your employer is dealing with. This can become somewhat problematic for a mortgage because in order to have a sufficient mortgage application you have to have three major elements: cash, credit and income. You can’t get a mortgage without all three elements. As a result, the income piece and continuance of that income is necessary in order to qualify for today’s low mortgage rates. So, you want to be back to work and be taken out of the furlough status specifically with your employer.

Something to think about in determining what the best course of action should be for you and your family from a financial standpoint.


Scott Sheldon is a local mortgage lender, with a decade of experience helping consumers purchase and refinance primary homes second homes and investment properties. Learn more at