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Is Now a Good Time for a Pastor to Buy a Home?

October 8, 2011 | By Rich | |

A reader asks: “Is now a good time for a pastor to buy a home?”

From a number of perspectives, I believe the answer is YES!  Now is a great time for a pastor to buy a home instead of living in a parsonage or renting.  Here’s why:

  1. Mortgage rates are at the lowest level ever.  The average rate on the 30-year fixed mortgage fell to an all-time low of 3.94 percent this week.
  2. Housing prices are at 10 to 15-year lows in many communities.  In other words, you can get a lot of house today for a whole lot less than it used to cost.
  3. While no one knows what the future holds, many economists believe we’re at the bottom of the “bottoming out” of the housing market, meaning that if you buy “low” now, you’ll gain equity quicker as the housing markets rebound in the coming months and years.

However, while mortgage rates have never been better, qualifying for a mortgage loan is getting more difficult.  Here’s why:

  1. Many mortgage lenders now require a 20 percent downpayment which is a real struggle for pastors who don’t have a lot of cash on hand.
  2. Mortgage lenders are requiring higher credit scores.

As with anything, it’s good to shop around and check rates and qualifications at several lending institutions.

I’d suggest that you start with the financial institution(s) you already have a relationship with.  Be sure to check at least one credit union in your community.  And don’t forget to check with online mortgage lenders too.


Mortgage Rates Hit Record Lows!

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  • Pastor retirement planning
  •  365 ways to live cheap

About the author

Rich Rich writes on money and personal growth from a pastor's perspective here at Money Wise Pastor. He loves In-N-Out Burger (and has the t-shirts to prove it), big cities, international travel, running marathons, and helping others create more freedom, purpose, and fulfillment in their life and work. Find him on Twitter and Facebook.

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"Command those who are rich in this present world not to be arrogant nor to put their hope in wealth, which is so uncertain, but to put their hope in God, who richly provides us with everything for our enjoyment. Command them to do good, to be rich in good deeds, and to be generous and willing to share." - 1 Timothy 6:17-18 (NIV) Click for more of the Bible and Money...

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