Avoiding pregnancy with mortgage lending

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Submitted by Tiffy on Thu, 10/28/2010 - 04:38.

You have to know this if you want a house to raise a family in. Women who are pregnant and plan to stay home to take care of the baby may not qualify for a mortgage loan. Because of all the bad lending that's happened most recently, mortgage lenders just won't do it. The couple doesn't meet strict standards is the excuse mortgage lenders use to keep away from being in violation of the Pregnancy Discrimination Act. Source for this article - Mortgage lending- Don't get pregnant if you want to purchase a house Personal Money Store.

Discrimination caused with mortgage lending standards so strict

Pregnancy discrimination is happening because Fannie Mae and Freddie Mac starte a loan quality initiative long before they were ousted. The New York Times reports that Fannie and Freddie require lenders to recheck a borrower's financial situation right before the loan closes. The last day is when borrows have to be qualified for the loan, because of the loan quality initiative. If you would like the loan, you also have to prove that you will have that income for one more three years.

Lenders hate seeing maternity leave

Maternity leave makes it easier for mortgage lenders to get away with pregnancy discrimination. Mortgage lending standards interpret maternity leave as short term disability insurance. The disability payments don't continue for three years meaning lenders working with Fannie and Freddie will refuse to count maternity leave as income. These mortgage lenders will require the new mother to reapply for the mortgage once she returns to work. The times article shows an example with a couple that is expecting within the relatively near future. Both salaries would be required to qualify for a loan on the home they wanted. The mother won't qualify when the loan closes anymore since she is not "employed" any longer.

Everyone wanting a home isn't covered in the Pregnancy Discrimination act

Income is what mortgage lenders use as a determining factor, not pregnancy. Lawyers.com reports that the Equal Credit Opportunity Act prohibits lenders from discriminating against gender and marital status. The act also makes it impossible for mortgage lenders to ask about your kids raising plans. However, lenders can ask questions about expenses related to your dependents. Pregnancy discrimination became illegal in 1978. The Pregnancy Discrimination Act calls is sex discrimination when someone discriminates against a woman who has anything related to childbirth going on in her life. But the Pregnancy Discrimination Act only applies to employment, not borrowing.

Sources for the article

New York Times

nytimes.com/2010/07/20/your-money/mortgages/20mortgage.html

Lawyers.com

lawyers.com/our-blog/archives/251-Pregnancy-Leave-Puts-Mortgage-in-Doubt.html