Minister and Pastor Mortgages

Just heard about a relocating ministers housing allowance that was
NOT allowed on a home purchase in Raleigh, NC. If you’re interested
in pastor mortgages, you’re going to want to read this.

It was supposed to be a fast closing, but the pastor
did not get his income documents into his loan officer
until late. Not good. Upon review, it had not started, and there was not a history.

As a result, the (soon to be) income was disallowed, and the loan
was turned down.

Here is a good rule of thumb for ministers, clergy, and pastors
who will be applying for a mortgage:

1- Housing allowance Must have started.
2- Housing allowance MUST be shown on the pay stub.
3- Housing allowance MUST be shown on the W-2.
4- Housing allowance MUST have a history.

A letter from the Church Board will help, but only if
there is a documentable history.

For ministers re-locating to new churches, be sure to
get Pre-Approved before signing your new home contract.
You’ll save a lot of stress and frustration.

To be Pre-Approved, just drop us a note here with some
details and we’ll be in touch quickly.


Received a call Thursday evening before Good Friday
from a friend about a pastor who’s FHA Mortgage
home loan had been turned down by a lender.

I immediately knew what the reason was – the lender
did not understand pastor incomes, and did not
include a portion.

In most cases this means the minister will not qualify.

Very frustrating for them.

I was moved to write about this because I just
closed a ministers refinance who had a similar

A big internet lender offering  those low low
internet rates turned them down. The appraisal
had already been done and they were out $400.00.

So the low low internet rate meant nothing.

They were very gun shy and leery after that experience.
But, they were referred by a good friend.

I’m pleased to say I closed this ministers loan quickly
and easily, as well as 6 other ministers that come
to mind.

You can check out what Pastor Ron Lewis says, and
what Pastor Mike Underwood says.

Not all loan officers or underwriters take the time
to understand when there are “easy” loans to do.


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