@ezdriver wrote:
@Anonymous wrote:
@DallasLoanGuy wrote:
@Anonymous wrote:
Today my mortgage broker asked for 12 months of canceled checks for rent payments. I don't have 12 months but was able to come up with 5. Will this be ok or do I need to come up with all 12? I have bank statements that show me taking out the amount my rent is plus 10 or 20 bucks here and there. But nothing specifically states it's for rent. It just says "customer withdrawal". The few stubs I have can corroborate the dates of me taking the money out and getting a money orders are on the same day. Given that, will the UW be ok with accepting the statement as proof that I have paid my rent in a timely manner <= maybe for the past year?
exceptions can be made..... but if EVERYTHING in the file is flimsy.... then the hill is much higher to climb.
YOUR loan officer will give you a better answer than anyone here
He actually wasn't sure if it would be good enough or not. I've searched and searched and have only come up with 5 months of western union check recepits. I've contacted our landlord and he may be able to get something from his bank showing the western union check deposits. Fingers crossed I guess.
Is your landlord a commercial entity, private landlord or family member? It makes a big difference what type of landlord you have. If a commercial institution, the lender can send a verification or rent [VOR] document directkly to the lanlord for completion and return directly back to the lender. If a family member is your landlord, the strength of the VOR is weak in the eyes of the underwriter and many won't accept the VOR. With a private landlord, it differ from one lender to the next.
The landlord is private, not family. He was able to go to his bank and get 12 months of cleared check copies. We have sent this information to the broker and all we're waiting on now is a current W2, then he's submitting to underwriting.
The only thing that has me nervous is my front end debt which is ~40% for the new mortgage. No back end debt however. Everything else looks pretty good. Have all the money for downpayment/closing. Seller is paying 3%, haven't even touched 401k yet so with that we'll have plenty left over, which should (hopefully) bode well with the UW.
