Mortgages may be tougher for couples suffering from pregnancy.
Yeesh. In addition to out-growing shoes, having weird food cravings and suffering months of dread when it comes to having to push a writhing, 8-pound nutrient-stealing bag of bones, muscles and love out of a very small hole, pregnant ladies may also have to worry about fulfilling the other part of the American dream.
According to Babble, some lenders are really sharpening their pencils when it comes to mortgages. Fresh off of a spanking due to the EZ money era, banks, credit unions, etc. are twice shy about giving people too much rope to hang themselves with (sorry). This time around they, (lenders) are very concerned about dips in income, even if only temporary, and are making pregnant couples jump through extra hoops to get their little slice of heaven.
In order for joint income to factor into a couple's DTI (debt-to-income, a key factor in lending), a pregnant woman sometimes has to get medical and employer documentation averring that she has the intention and ability to return to work by a specified date. How The Recession Forever Changed Relationships
Not to sound like a kid-hating kid-hater but, at some level, this makes some amount of sense. The last 10 years of irresponsible lending and spending (in some part spurred by the asset-backed securities "craze," aggressive home value growth and sometimes lax government policy) have forced lending institutions to become very focused on the financial fundamentals, like a constant income stream. Is Divorce Becoming a Luxury?
Did you know that any business not designated as a small business (typically defined as below either 15, 25 or 50 full-time employees, depending on the particular statute) may not deny employment on the basis of pregnancy?
Do you think it's reasonable that lenders are in some ways leery of lending to pregnant couples? Do you think it's unfair that couples with kids are always acting all superior to their friends without kids?
Want the inside scoop? Get the daily YourTango newsletter!