topic Re: How is rent verified? in Mortgage Loans

How is rent verified?

calangelo — Sun, 20 Mar 2016 16:18:43 GMT

We've applied for a VA home loan with Veterans United. We are currently renting and wondering if they actually call your landlord to to verfiy rent payments, or will they request cancelled checks from us? We rent from an individual and don't really want him to know we are looking to buy and move until it's time for us to give 30 days notice.

Re: How is rent verified?

mynameainttracy — Sun, 20 Mar 2016 16:41:53 GMT

We provided 12 months of cancelled checks. They never spoke to our landlord.

Re: How is rent verified?

Anonymous — Sun, 20 Mar 2016 22:48:09 GMT

@mynameainttracy wrote:
We provided 12 months of cancelled checks. They never spoke to our landlord.

What if you pay through online service?

Also do they still check your rent if you have owned for 3 years and are only renting until you buy your next home because of job relocation?

Re: How is rent verified?

mynameainttracy — Mon, 21 Mar 2016 00:16:36 GMT

if you pay through your bank's online bill pay there will be a cancelled check that you can print or copy/paste. If paying another way online, you could show online deductions from your bank statements. If you have been renting less than a year you wouldn't need a year's worth of cancelled checks. You might need a LOE about it to explain your circumstances. Your LO would tell you what they want.

Re: How is rent verified?

Anonymous — Mon, 21 Mar 2016 23:14:22 GMT

@mynameainttracy wrote:
if you pay through your bank's online bill pay there will be a cancelled check that you can print or copy/paste. If paying another way online, you could show online deductions from your bank statements. If you have been renting less than a year you wouldn't need a year's worth of cancelled checks. You might need a LOE about it to explain your circumstances. Your LO would tell you what they want.

I guess with everything being online now a days the UW should be able to put 2 and 2 together to see that on the 1st of the month the amount is taken by the apartment and the description it gives in the bank statement you give should be enough.

Anyway got my conditional approval today. I got one condition and it was for me to send lease agreement to show when the lease ends, and since i will be breaking i wrote an LOE to explain that I have the funds to break and wont effect mortgage payment. i Have like 26k in savings from a prior home sale so I have the closing and the break amount. I am becoming the master of the LOE.