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Our L.O just called us and said that the U/W is requesting proof of rent, ok, here is the problem we used to pay with checks but, our landlord would literally hold them for up to 3 months and then cash 3 of them all at once! so we started just sending money orders...and no I know that I don't have them all..I am kicking my self for not being responsible!!! what is it that we need to get him to get over this hurdle?? our L.O is going to call and talk to her tomorrow and ask her how long we have lived here, how much we pay and if we were ever 30 days late....not worried about any of that stuff, but what can I do about the money orders? Can she get the U/W or L.O. a notorized letter?
If your landlord has monthly receipts, and/or receipts from your money orders, it's much better than if you had no receipts at all. In fact, it would probably be all right with the underwriter, especially if you have a receipt for each month.
Correct me if I'm wrong, experts.
No expert here either...
I just had my file approved by underwriting last week and the rental verification was sent to my current landlord. I was not asked to provide any receipts or check copies of payments. My LO sent me the VOR form to hand deliver to the landlord since they said they didn't get it, so I had a chance to see what it looked like. It seems pretty standard. All it asked for was:
Rented From-To
Rent $ per month/year
In arrears: yes/no
If so, amount, dates
# of times 30 days late in last 12 months
Is account satisfactory? yes/no
Additional Information/Comments
That is it. It can't take more than 5 minutes to fill out if their records are organized.
Maybe your UW already has done this and there was a discrepancy somewhere if they are asking you for proof?
most lenders wont take a VOR from a private party (like joe who has a house to rent)
they want it from apt complex, ect.
12 months bank statements show the rent amount coming out?
update**not much of one** we finally turned everything in to the underwriter, got the rent verification taken care of, etc...heard from our lender and asked her, "so tell me, are we going to make it ?" she sent me in an e mail back and said " I say YES!" she said the UW was bieng positive....
I'll update as soon as we know something. Just got back from the final walk through of our new home, I almost cried at the thought of it not bieng ours....