NC SECU Mortgage

[Anonymous]

I applied for a mortgage with NCSECU and was told by my loan officer that he could approve me for a certain amount with no problem.  I requested a little more than what he told me so he had to have my request and application reviewed by his district manager.  2 days later, he calls to tell me that he needs verification of rent completed in order to approve me for the additional funds.  I signed the document authorizing the release of my rental history from my landlord and am waiting for the answer.  Also worth mentioning that I'm married but submitting the application with just me b/c my husband recently changed jobs and doesn't have good credit.  My concern is the fact that I've been 3-5 days late with paying my rent on occasion.  Will this impact my approval and rental history?  Any experience or advice will be greatly appreciated.

[NC_Mtg_Loaner]

It depends upon the verbiage of your rental agreement regarding the late payments and then of course depends upon what your landlord states in the VOR. 

I have tenants for an investment property I own and the rental agreement we used says that rent payment is due by the 5th of every month and that it's late after that and that a $15 late fee is due.   Of course my tenant was late once making the payment but I don't think I'd report that as late on a VOR if/when they go to purchase a home though.  

Good Luck and keep us posted. 

[Anonymous]

Thanks for your reply. Unfortunately, my lender denied my loan altogether after finding out that I had late payments so now I don't qualify for anything with them.  I appreciate the response.

[CreditInspired]

OP, every lease I’ve ever had stated that rent was due on the 1st of the month with a grace period ‘til the 5th. If your lease states this and you’ve paid by the 5th, there’s no reason your landlord should give a negative VOR. 

GL2U

[CreditInspired]

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@Anonymous wrote:

Thanks for your reply. Unfortunately, my lender denied my loan altogether after finding out that I had late payments so now I don't qualify for anything with them.  I appreciate the response.

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Wow, You may want to go with another lender unless the VOR shows many lates with late fees associated with it. So how many months were late and did you pay late fees?

[NC_Mtg_Loaner]

I can't remember the last loan I originated that required a VOR and I am super happy my bank doesn't require them as an overlay.

Occasionally, you see one listed in the AUS findings but if the borrower can't source their rental payment to me for 12 months, I don't even bother sending them shopping for a home in the first place.  I think you need to contact other lenders because I think that's a unique overlay to NC SECU.

[VALoanMaster]

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@Anonymous wrote:

Thanks for your reply. Unfortunately, my lender denied my loan altogether after finding out that I had late payments so now I don't qualify for anything with them.  I appreciate the response.

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Hi PlotTwist,

Wow, you really need to go to a different lender.

Most of us won't require a VOR unless you're file has to be manually underwritten & then it is mandatory.

On top of that, you are not considered late unless you made your payment 30 or more days after it was due.