03-24-2013 04:09 PM
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
finger hut 400 now 700 auto cli
first commonweath credit union 2000
first commonwealth 1000 12 months almost done
lehigh credit union 1000 12 months almost done
first commonwealth 17,000 auto loan
03-24-2013 06:34 PM
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.
03-24-2013 06:49 PM
03-24-2013 08:13 PM
03-24-2013 08:29 PM
03-24-2013 08:54 PM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO