Pastoral Housing Allowance and VA Loan Success Story

Pastoral Housing Allowance

We love helping pastors buy homes!  So much so, we have to share this success story and “prayer” answered.  Picture this loan scenario which involved the often misunderstood pastoral housing allowance.

  • A pastor and military veteran buyerpastoral housing allowance
  • No down payment
  • Almost all nontaxable income
  • Excluded personal debts paid by the church
  • Good credit scores
  • Exempt from VA funding fee since disabled

Initially, this Virginia pastor struggled finding a mortgage company that understood pastoral income.  But then he read our article online about mortgage qualification using pastoral housing allowance.  Next, he contacted our team to start the purchase of his new home.

So How Did We Do It?

First, the pastor and our mortgage team thoroughly discussed his scenario.  Second, we provided a game plan with a detailed list of items needed.  Then, our team thoroughly reviewed the documentation and presented it to underwriting.  We paid special attention to tell underwriters how the pastor’s scenario meets VA guidelines.  Finally, we received the clear to close and even closed the purchase early!  In addition, we must give credit to our client as well.  As a matter of fact, he and his church provided all requested documents in a timely manner.

Furthermore, since the pastor is also a Veteran, he used his VA eligibility.

Pastor/Veteran Amazing Hurdles Overcome best mortgage lender for pastoral housing allowance

  • Housing and Total Debt Ratio 52%!
  • $405,000 price with no money down!
  • Majority of income is nontaxable housing allowance
  • Able to exclude debts paid by the church
  • Buyer paid off debts to qualify

So are you a Pastor looking to purchase or refinance?  We have extensive experience in helping Pastors close on a mortgage successfully!

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Team Move lends in areas such as Wilmington, Leland, Hampstead, Jacksonville, Camp Lejeune, Whiteville, Shallotte, Southport, Elizabethtown, Lumberton, Fort Bragg, Pope Air Force Base, Sanford, Fayetteville, Southern Pines, Pinehurst, Rockingham, Raleigh, Cary, High Point, Garner, Smithfield, Clayton, Asheville, Asheboro, Rocky Mount, Wilson, Burlington, Kannapolis, Goldsboro, Hickory, Wake Forest, Salisbury, Matthews, Charlotte, Monroe, Statesville, Shelby, Lexington, Boone, Morganton, Cornelius, Holly Springs, Fuquay Varina, Kernersville, Kinston, Greenville, Outer Banks, Greensboro, Winston-Salem, Durham, Chapel Hill, Burgaw, Castle Hayne, Holden Beach, Supply, Ocean Isle Beach, Sunset Beach, Hubert, Tabor City, Carolina Beach, Kure Beach, Laurinburg, Topsail Beach, North Topsail Beach, Surf City, Sneads Ferry, Richlands, Lake Waccamaw, Wrightsville Beach, New Bern, Oak Island, Saint James, Wallace, as well as the rest of NC.  North Myrtle Beach, Myrtle Beach, Conway, Loris, Little River, Longs, as well as the rest of South Carolina, Virginia, and Georgia

 

Author: Russell Smith

Team Move OVM Financial loan officer success is Russell’s primary focus. He provides the tools and techniques he used as a top producing loan officer. Additionally he offers the Team Move OVM Financial Agent Training Program. Sharing is so important to Russell so he works diligently to be a resource to loan originators and Realtors.