Yes, You Can Still Get A Mortgage If You’re Pregnant

By
Real Estate Mortgage Broker with Northeast Bank

The New York Times ran an important story this week concerning pregnancy and mortgage approvals. Titled "Need a Mortgage? Don't Get Pregnant", the article discussed the difficulties that expecting and recently-expanded families are having with their mortgage financing.

NBC's The Today Show picked up the story as well, as shown in the 3-minute clip above.

The crux of the issue is that maternity/paternity leave often leads to a change in household income and mortgage lenders will no longer assume one or both parents will go back to work full-time.  The loss of income can raise a household's debt-to-income ratio to unlendable levels.

Now, your loan officer cannot ask you about a pregnancy; such questions would be in violation of Equal Credit Opportunity Act. But he can ask if whether you expect your future employment and income situation to change. This would be a perfect time to broach the topic. And you should. If you're found to have withheld employment and income information from your lender at a later date, it could result in an immediate loan denial plus a loss of earnest monies paid.

Across both pieces, though, the prevailing message is this: Families concurrently planning to (1) have a baby and (2) buy a home should be up-front and forthcoming with their loan officers. Financing is often still available for families expecting an addition -- there's just some extra paperwork though which to work.

Be prepared for that paperwork and you're more likely to get your loan.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the pants to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
Mortgage / Finance
Location:
Maine
Tags:
the today show
the new york times
pregnancy

Comments 1 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the woman to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
976,603
Scott Godzyk
One of Manchester NH's Leading Agents
Godzyk Real Estate Services

I was lucky i saw the segment as i did receive 2 calls today from 1 couple currently having a baby and another buyer who wants to in the future. Boy did it set of chills through the potential buyers of the orld.

July 22, 2010 10:08 AM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tree to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainer
62,359

Shannon Odom

Shannon Odom
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the clip to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: