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How often is rent verification required to obtain a mortgage? Is it score based? Also technically it's not rent to a landlord more like maintenance payments to a coop. DH and I plan on applying for a mortgage in a few months. Current scores are in the mid-600s but we are lowering utilization and getting some errors fixed before we officially apply and hope to be in the 700s or at least high 600s by then. Is rent verification always necessary? DTI and Income is good as confirmed by a mortgage broker (current DTI under 10% and have good income with 14 years on the job for me and 7 for him). TIA
Rent/mortgage payment verification is always required for underwriting purposes. If either are not reported to the credit bureaus, then cancelled checks are an acceptable substitute.
Unless your loan needs to be manually underwritten, rental history verification is hardly ever needed. Scores in the high 600's/low 700's, and a low DTI, would most likely get an automated underwriting approval, so manual underwriting wouldn't be needed.
Mortgage payment history, on the other hand, always needs to be verified.