topic Re: Question about verification of rent with fha loan in Mortgage Loans

Question about verification of rent with fha loan

Anonymous — Fri, 27 Mar 2020 11:40:09 GMT

Long road but seeing applying for a fha loan in fall. I dont know if fha will need proof of rent verification. My landlords only wanted cash for a long time but a problem errupted between the landlords which are husband and wife as in she wiped out their bank account so now the husband iis in a nursing home and we deal with their son who takes money orders from the post office. I know it will be a poop fest to get verification from them about rent bc my upstairs tenant died and they want us to stay here bc they cant keep this place rented till we came here in 2015. But we were told fha dont require rent verification. Does anybody know if fha does want rental proof?

Re: Question about verification of rent with fha loan

NC_Mtg_Loaner — Fri, 27 Mar 2020 13:56:38 GMT

This is a typical "lender overlay" that may be required in most instances where the buyer/consumer doesn't have good credit. That # may vary from lender to lender but will often depend upon the AUS.

in my experience, if your credit score is > 620 you won't need a VOR.

Of course your actual results may vary.

Good Luck.

Re: Question about verification of rent with fha loan

Anonymous — Fri, 27 Mar 2020 14:19:17 GMT

Thank you. We are applying when the time comes using my husband's credit and his middle score is 660. We are working on our credit card to get them down a bit more so it should be higher at that time. Again thank you for answering 😄

Re: Question about verification of rent with fha loan

JVille — Fri, 27 Mar 2020 23:48:30 GMT

If you need a rent verification,

Always pay the SAME amount, Same Account withdrawal, Same day of the month and make pictures of the Postal Money Order every every time!

write a paragraph explanation that the Landlord required cash and finally allowed the Postal Money Order. You have no idea why but this was always their requirement.

only provide this info if asked for it, don't offer.

Remember you need to create a paper trail for rents IF it's needed.

Re: Question about verification of rent with fha loan

Cjaysmom — Sun, 29 Mar 2020 00:05:54 GMT

My middle score was 690 and I needed rent verification. It was easy. My apartment manager just filled out the lender form that verified that I lived there from 2012 - the present and had paid my rent 100% on time. That was it.