Verification of rent

[Ravensfan2001]

I requested a waiver for the VOR form. LO said is was do-able. We'll wait and see what the loan processor says.

[adymax]

I want to ask. For an FHA loan is always necessary VOR ?  For the last year? We rented our current house for 1 year and 4 month. DO we need VOR from the previous  landlord?  Both are private owners not companies.

[ShanetheMortgageMan]

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@adymax wrote:

I want to ask. For an FHA loan is always necessary VOR ?  For the last year? We rented our current house for 1 year and 4 month. DO we need VOR from the previous  landlord?  Both are private owners not companies.

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Only required when you actually are renting and your loan needs to be manually underwritten.  So if you are living rent free, not needed... if you are renting and have an automated underwriting approval then it's not needed.

[PetuniaJane]

Just to give another perspective...DH is a property manager and we also have a couple if investment properties. He gets checks dated much earlier than the date he receives them. NOT saying this is the situation with OP at all, but it's also a problem that landlords run into. I hope your landlord cooperates, because from what I've read you've done everything right. I know DH would be happy for your success, even if it meant losing a good tenant!

[Amythyst]

I had an automated underwriting approval and I still had to do rent verfication.  I think though it was more to check that I wasn't getting into payment shock because our current place we were renting at 907 a month and the place we were at before was 2424 a month.  Our mortgage payment is 2600 -  so, I think they were concerned about the 900 a months vs 2600.

[Ravensfan2001]

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@PetuniaJane wrote:
Just to give another perspective...DH is a property manager and we also have a couple if investment properties. He gets checks dated much earlier than the date he receives them. NOT saying this is the situation with OP at all, but it's also a problem that landlords run into. I hope your landlord cooperates, because from what I've read you've done everything right. I know DH would be happy for your success, even if it meant losing a good tenant!

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Yeah, I don't think the date on the check has a lot of relevance when it comes to late rent. Same thing with the date that it cleared. I may pay the rent on the 1st, but my landlord may cash it on the 15th.... Different story if the landlord says it's late, but it cleared the bank on the 2nd.

Now it's just the waiting game for me. I turned in 13 months of cancelled checks. I guess the underwriter has to look at everything again. Hope to hear something Monday!

[Ravensfan2001]

Just an update:

My landlord turned in the VOR. I'm sure she wrote derogatory information, but my LO hasn't said anything.