How to Convince Lenders to add your Housing Allowance into Your Income for Loan Qualifying?

by Steven Fleming
(Chambersburg PA)

I had a phone call from a pastor friend who needs to refinance his home.

Unfortunately, the lenders they are speaking to will not let him add his Housing Allowance (which is Income Tax free, but subject to Social Security) into his total income.

By excluding that significant chunk of income, he does not qualify. Is there an official memo or rule he can use to clarify this matter? Thanks! Steven Fleming

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