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Please read the following restrictions that may hinder a new home buyer or someone refinancing their home if they are newly Commissioned and started receiving parsonage within the last year. Reliant cannot remove or reduce a employee's parsonage retroactively. Ministers must keep these restrictions in mind and proactively discuss these restrictions with any lender they are working with in the home purchase/refinancing process. |
Mortgage lenders require parsonage (housing allowances) be verifiable and reliable income. Each mortgage lender applies its own guidelines when considering housing allowances. Some mortgage lenders may not include an applicant's housing allowance income simply as a matter of lending policy.
Before applying for a mortgage, ask the lender if it considers non-traditional income, such as the parsonage (housing allowance) income you're paid. * If your parsonage (housing allowance) income is stable and consistently paid, with a verifiable track record of payment, a mortgage lender usually will count it as income.
- FHA loan lending restrictions - Parsonage may be considered as qualifying income for a FHA loan if there is documentation that the income has been received for the most recent 12 months and the allowance is likely to continue for the next three years. *Reliant may be able to provide a letter (upon request) stating we are an "at will" employer but to the best of our knowledge an employee is stably employed and eligible to receive the Ministers housing allowance in to the future.
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