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!
Share:
RELATED MORTGAGE ADVICE FROM SCOTT SHELDON
Freddie Mac Makes It Easier for New Business Partners to Qualify for a Mortgage
Becoming a partner at your firm is often one of the biggest milestones in a…
Can You Get a Mortgage If You Owe the IRS? Here’s What Homebuyers Need to Know
Finding out you owe money to the IRS can be stressful. Between tax notices, payment…
Income, Credit, and Down Payment: How Mortgage Approval Really Works
One of the biggest misconceptions in mortgage lending is that a high income can solve…
Mortgage Waiting Periods After Bankruptcy, Foreclosure, Short Sale, and Judgments
Many people believe that a foreclosure, bankruptcy, short sale, or judgment means they will never…
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!