What Rent payment proof is required for Mortgage?

[westo12]

I am going to be moving in with a friend soon to save some money for my mortgage downpayment next Spring.  It will be a sublease and I will be paying friend with a personal check every month.

What besides these canceled checks will I need for proof when I go to submit docs for app? Most likely will be going FHA.

[nc]

I think canceled checks should work fine with your name in lease documents.

[westo12]

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@nc wrote:

I think canceled checks should work fine with your name in lease documents.

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Let me clarify, I will not be on any lease.  He is, I'm just paying him a set amount per month.  Would a simple letter between he and I be sufficient to document the amount of rent paid monthly, plus the canceled checks?

[nc]

I think so.

[webhopper]

You should have your friend prepare a lease with a month to month term just in case. Sample leases are easy to find using Google.

[webhopper]

A lease between friends is better than a simple letter. He would be landlord; you would be the tenant. You would be leasing use of the property from him....

[westo12]

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@webhopper wrote:
A lease between friends is better than a simple letter. He would be landlord; you would be the tenant. You would be leasing use of the property from him....

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I was able to find a sublease agreement.  We made it for a six month term, with the option to extend on a month to month basis, or rewrite for another extended period of time.  

My last question is, is this sublease, plus canceled personal checks for the rent monthly, acceptable to a lender for the VOR?

[webhopper]

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@westo12 wrote:

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@webhopper wrote:
A lease between friends is better than a simple letter. He would be landlord; you would be the tenant. You would be leasing use of the property from him....

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I was able to find a sublease agreement.  We made it for a six month term, with the option to extend on a month to month basis, or rewrite for another extended period of time.  

My last question is, is this sublease, plus canceled personal checks for the rent monthly, acceptable to a lender for the VOR?

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For you, yes it should be.  Your lender may have a form sent to him to fill out regarding your payment history... if they need to use their own document depending on the loan type you end up applying for.

It should work perfectly fine since there will be a nice little paper trail associated with the rental history.

[westo12]

My last question is, is this sublease, plus canceled personal checks for the rent monthly, acceptable to a lender for the VOR?

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For you, yes it should be.  Your lender may have a form sent to him to fill out regarding your payment history... if they need to use their own document depending on the loan type you end up applying for.

It should work perfectly fine since there will be a nice little paper trail associated with the rental history.

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OK, thanks for the confirmation!  If anyone else has any additional pointers for me in this area, they'd be appreciated as well!

[Anonymous]

If you have enough credit you shouldnt have to worry about rent history? Maybe it depends on the loan