Jul 10
20
The headline over at the New York Times is “Seeking a Mortgage? Don’t Get Pregnant“. Over at CNBC, the same article is called “Need a Mortgage? Don’t Get Pregnant.” The gist is that if you are expecting or on maternity leave, you aren’t getting a mortgage because their “income has temporarily fallen while they are on leave.”
The problem is that Familial Status, including the presence of children under the age of 18, is a protected class under Federal Fair Housing Law. In fact, HUD says “Familial status protection also applies to pregnant women” right on their website. So these lenders are treading on very, very thin ice.
Perhaps that’s why the oncologist whose example is used in the NYT/CNBC article got her loan approved after her real estate professional had a polite chat with the loan officer. Nobody wants a $10,000 fine. Per incident.
Familial Status and Fair Housing Laws are not to be taken lightly… I can see why the loan officer decided to proceed with the loan!