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I have been paying my credit cards off every damn month always on time, that can also serve as a slap in the face of underwriter regarding my ability to pay...
You have to ask the bank what they want, not us.n Instead of creating a million scenarios just find out what they need. Most likely if they want the loan and you qualify your loan officer should be able to help you out with this mess.
OP, you live rent-free, end of discussion. Tell your lender - most do have a rent-free option on their forms. I seriously doubt IRS is going to come knocking on your door, or we are going to have an entire generation in trouble for living rent-free off their relatives.
Tell the lender the actual balances if the credit report is incorrect.
OP, you live rent-free, end of discussion. Tell your lender - most do have a rent-free option on their forms. I seriously doubt IRS is going to come knocking on your door, or we are going to have an entire generation in trouble for living rent-free off their relatives.
Tell the lender the actual balances if the credit report is incorrect.
Thanks ! My credit report is all good and it shows them 1 car loan still pending, so thats not a concern. Only thing is i hope they don't qualify my living rent free as a crime because their form only had "Rent or own", and amount.
In my scenario, if i say rent-free, wouldn't the lender want the LANDLORD to do a VOE? (Which landlord can deny saying i am receiving the money everymonth for this guy not from him but a company check).
Thanks ! My credit report is all good and it shows them 1 car loan still pending, so thats not a concern. Only thing is i hope they don't qualify my living rent free as a crime because their form only had "Rent or own", and amount.
In my scenario, if i say rent-free, wouldn't the lender want the LANDLORD to do a VOE? (Which landlord can deny saying i am receiving the money everymonth for this guy not from him but a company check).
It's not a crime to live rent free. No one is going to call the IRS to report your free rent as income.
Tell the bank you did this to save for the home for down payment and closing costs. Hopefully they will see it as a positive and not think that you can't pay rent.
How on earth would anyone know you don't live w/ 4 other people at your address? Rent-free and on to the next problem. It's when you try to say you are paying rent and you are not, that's when you get into trouble
I have been paying my credit cards off every damn month always on time, that can also serve as a slap in the face of underwriter regarding my ability to pay...
I'm confused as to why you think having someone else pay your rent in any way shows an underwriter that you have the ability to pay a monthly housing payment?
You've never said how much you charge on your cards that you "pay in full every month". It could be as little as $25, which shows the underwriter nothing.
I'm confused as to why you think having someone else pay your rent in any way shows an underwriter that you have the ability to pay a monthly housing payment?
You've never said how much you charge on your cards that you "pay in full every month". It could be as little as $25, which shows the underwriter nothing.
Thanks for the insights, my credit card bill in last 12 months was around a total of 10.5k (every single penny paid off on time), it wasn't however a consistent amount every same month though.
How on earth would anyone know you don't live w/ 4 other people at your address? Rent-free and on to the next problem. It's when you try to say you are paying rent and you are not, that's when you get into trouble
I would not lie to bank on anything that i can't prove via paper-trail, checks, records etc. As per my lease and the landlord living next to my house, there's no one else living ..other than me
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