Bad Rental History and Mortgage Loans (credit report, homebuyer, landlord)

[luvvrain]

Quick Question for everyone..Do mortgage companies always look at rental history when qualifying someone for a loan? If so, how far back do they go?

[DodgeViper01]

I have never heard of this because rental history is not on your credit score unless you default and the landlord goes after you.

[TimtheGuy]

if you are getting a low down/1st time homebuyer type of loan and/or have limited credit history, we often have to do a rent verification. We would want to see at least the last year paid on time. Paid on time means less than 30 days late.

[DodgeViper01]

Originally Posted by TimtheGuy

if you are getting a low down/1st time homebuyer type of loan and/or have limited credit history, we often have to do a rent verification. We would want to see at least the last year paid on time. Paid on time means less than 30 days late.

Wow, a 30 day grace period. That is pretty lenient.

[TimtheGuy]

Originally Posted by DodgeViper01

Wow, a 30 day grace period. That is pretty lenient.

Just like credit reporting, nothing is considered late until it hits 30 days.