Can I buy a house if I have a rental late payment?

No you cannot have a rental late in the last 12 months if you are gunning to buy home. Mortgage lenders may do what’s called a verification of rent (VOR)-to make sure you have not had a late payment in the last 12 months if you have this very well might derail your loan.

Additionally, landlords are reporting rental obligations on credit reports. If your landlord posts this to your credit report not only could it hurt your chances for getting a mortgage but it could also drop your credit score. Need some home buying guidance?

Start today by getting a complementary rate quote!

 

RELATED MORTGAGE ADVICE FROM SCOTT SHELDON

Understanding Mortgage Rates and Their Impact on Home Buying Power

Understanding Mortgage Rates and Their Impact on Home Buying Power

Navigating the world of real estate financing can often feel like trying to hit a…

Here's a strategy to buy a home and set up a future refinance

Here’s a strategy to buy a home and set up a future refinance

For families looking to purchase a home, good news has arrived interest rates are slowly…

why being a picky home buyer could be an issue

Why being choosy as home buyer could be problematic

You’ve decided to buy a home, you’ve gotten preapproved with a lender, your file has…

How your financial experience might hinder your ability to get a mortgage loa

How your financial experience might hinder your ability to get a mortgage loan

Getting a loan to buy a home is a maze of questions, examinations, along with…

View More from The Mortgage Files:

begin your mortgage journey with sonoma county mortgages

Let us make your mortgage experience easy. Trust our expertise to get you your best mortgage rate. Click below to start turning your home dreams into reality today!