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Regular Contributor
deadbishop
Posts: 130
Registered: ‎05-19-2012
0

Question and advice proof of rent

i make 40,000 a year. looking to buy a 100,000 to 120,000 house. my dream and goal is to buy my family a house when my seasoning is up in the allentown pa area.. ( fha 2 years after discharge ) june 18th 2014 is when i am able to buy.

i am  getting all my ducks in a row now building my credit back and saving money very well.

here is my question:

 

my boss has a 19 unit apt complex that i manage on the side. i live rent free and able to make some money on my days off fixing and painting ect..

1. how do i prove rent?

2. is it worth setting up a buisness just to prove the rent?

3. if i pay him say 1000 a month rent in a check and he gives me 1000 back then i put it back in my checking account UW will see that right?

4. quicken loans told me since i have 4 tradline reporting i dont need to prove rent. true?

 

i am just worring about this problem cause i feel it gonna bite me in the butt latter.

 

 

just some history...

discharged from bk7 june 18th 2012

fico's tu08                659 march 05

          tu  my fico      656 march 10

          eq my fico      646 march 10

          ex credit union 670 march 05 

 

credits cards after bk

applied bank 300 secured 

first commonweath credit union 700 secured 

credit one bank 500

capital one 500

firestone 900

finger hut 400 now 700 auto cli

walmart 150

first commonweath credit union 2000

 

installment loans 

first commonwealth 1000 12 months almost done

lehigh credit union 1000 12 months almost done

first commonwealth 17,000 auto loan 

Bankrupcy 7 Filed 2/20/2012
Discharged 6/18/2012
FICO as of 7/6/2012
TU 630 Classic (04)
EQ 641 FACTA Beacon 5.0
EX 607 Fair Isaac (ver. 2)

Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010
0

Re: Question and advice proof of rent

No need to prove rent unless need alternate forms of credit.

 

Since your file contains enough tradelines, you will not need alternate form of credit.

 

You may be asked what your present rent payments are, just be honest and tell your LO or Broker the truth.

Good Luck
May all your dreams and wishes become a reality!
Regular Contributor
deadbishop
Posts: 130
Registered: ‎05-19-2012
0

Re: Question and advice proof of rent

Jm-am
Thanks for the reply!
That's great news!
Bankrupcy 7 Filed 2/20/2012
Discharged 6/18/2012
FICO as of 7/6/2012
TU 630 Classic (04)
EQ 641 FACTA Beacon 5.0
EX 607 Fair Isaac (ver. 2)

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Question and advice proof of rent

Yep. They usually don't ask for rent if you have the min trade lines and your score meets the standard requirement, which it does. Mines didn't.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
tooleman694
Posts: 2,296
Registered: ‎08-25-2011
0

Re: Question and advice proof of rent

I was required to show 12 month rent history.

 

I have plenty of tradelines and my middle score was 675.

Regular Contributor
deadbishop
Posts: 130
Registered: ‎05-19-2012
0

Re: Question and advice proof of rent

Tooleman was it fha?
Bankrupcy 7 Filed 2/20/2012
Discharged 6/18/2012
FICO as of 7/6/2012
TU 630 Classic (04)
EQ 641 FACTA Beacon 5.0
EX 607 Fair Isaac (ver. 2)

Valued Contributor
tooleman694
Posts: 2,296
Registered: ‎08-25-2011
0

Re: Question and advice proof of rent

Yup I am doing FHA

Regular Contributor
deadbishop
Posts: 130
Registered: ‎05-19-2012
0

Re: Question and advice proof of rent

Well looks like I'm getting conflicting info... ymmv?...Or fha rule?...or is it an overlay your UW has?
Bankrupcy 7 Filed 2/20/2012
Discharged 6/18/2012
FICO as of 7/6/2012
TU 630 Classic (04)
EQ 641 FACTA Beacon 5.0
EX 607 Fair Isaac (ver. 2)

Valued Contributor
tooleman694
Posts: 2,296
Registered: ‎08-25-2011
0

Re: Question and advice proof of rent

It could very well be a lender rule.

Regular Contributor
deadbishop
Posts: 130
Registered: ‎05-19-2012
0

Re: Question and advice proof of rent

Well guess my options are finding a lender that don't need the proff of rent or setting up a management co to somehow show rent.
Just a lot of work going through all that.

They way it's set up now is I manage the complex and live rent free.
But think I should pay rent and then owner should pay me even though its a break even.


Anyone have any ideas?
Bankrupcy 7 Filed 2/20/2012
Discharged 6/18/2012
FICO as of 7/6/2012
TU 630 Classic (04)
EQ 641 FACTA Beacon 5.0
EX 607 Fair Isaac (ver. 2)


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