Yes, this is done a lot where the pastor or other employee receives a standard, annual, housing allowance from the employer.  We would, however, need to review the full 2 years tax returns during the underwriting process.

 

From: j.capaz@1stcontinental.com
Posted At: Monday, March 15, 2010 10:50 AM
Posted To: Scenarios
Conversation: scenario/Janee Capaz [j.capaz@1stcontinental.com]
Subject: scenario/Janee Capaz [j.capaz@1stcontinental.com]
 

Good morning.

 

We have a preacher who is W2’d from his church.  His total income of $37,000 from 2009 is classified into different boxes (housing is listed separately in box 14 on the attached W2’s).  He is a first time homebuyer – is it possible for you to review this and let me know if this is something you can do?

 

I have never seen anything like this before so want to make sure it will work before submitting.  Thanks for your help!

 

 

**********************************************************************
The company reserves the right to amend statements made herein in the event of a mistake. Unless expressly stated herein to the contrary, only agreements in writing signed by an authorized officer of the Company may be enforced against it. 
**********************************************************************