betoncredit wrote:
Hubby got a preapproval for a My Community loan. His DTI is very low with excellent income. What types of documentation will the loan officer need? He can document his income easily. Only problem is that he can't document paying the rent. Do they look for this in the form of cancelled checks? I have paid the rent out of my account (once on a credit card) which won't be considered (only his income/accounts/credit, etc will be considered). Will a letter from the landlord suffice as documentation that we paid the rent since he is on the lease? I am worried about this affecting getting approval for the loan.
Maybe. However, underwriters shy away from landlord letters or a "verification of rent" if done by a private individual. The reasoning is "anyone can type up a letter, we want proof" and it sucks, but it's often true.
MyCommunity guidelines can vary, and I was under the impression that they usually don't require rent verification - did you check to make sure of this?
