HA is not approved for a Mortgage Loan

by Melissa Martin
(Texas )

We were just denied a mortgage loan because our HA has not been effective for 12 months. Apparently this was written into effect in Trump’s new law as of December 2017. Now I wish we did not have a HA because we cannot afford a house!

Comments for HA is not approved for a Mortgage Loan

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May 02, 2018
 Please Explain Further
by: Vickey

I am not sure what you are referring to. What do you mean "not been effective for 12 months??

I personally do not know of anything in the new tax act that would affect a minister's housing allowance...but it is complicated tax legislation...so there could be ...if so I would like to know about it =)
May 09, 2018
 HA not considered qualifying income?
by: Anonymous

Just curious, Are you saying that if one has a housing allowance that is exempt from taxation, it is also not classified as a part of one's income? And therefore, a mortgage company who is looking at your income in order to qualify you for a mortgage, will not count the housing allowance portion? But instead, they will only look at your income without the housing allowance, and determine that it is not enough for a mortgage? Am I understanding correctly? Would all mortgage companies do that?

By not active, do you mean that you have not been receiving the HA for some reason for the past 12 months? If you had a year-long house-sit for someone on sabbatical, or if you were living in your parents' home for 12 months, without housing expenses, perhaps you would opt out of receiving the allowance temporarily. Was it sitting in an account with the church, building up? And now you cannot use it as qualifying income or assets? Or was it just discontinued? And you were planning to have it reinstated to pay the mortgage?

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