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How Your Rent Payments Can Help You Qualify for a Mortgage |

How Your Rent Payments Can Help You Qualify for a Mortgage |

How Your Rent Payments Can Help You Qualify for a Mortgage

Blog posted On July 21, 2022

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One of the biggest obstacles for first-time home buyers is their limited credit history. Credit history is a big factor in the mortgage application process. However, we’re now offering an alternative solution for first-time buyers. With positive rent payment history, we can include your completed rent payments in the application process, which may help boost your overall credit assessment and allow you to qualify for a mortgage more easily.

Buyers who are eligible for positive rent history consideration must:

  • Be a first-time home buyer
  • Be purchasing a primary residence
  • Have a minimum credit score of 620
  • Have been renting for at least 12 months
  • Have been paying rent that’s at least $300 per month
  • Have bank accounts that document the past 12 months of rent payments

    • How to get started

    How to prepare

    If you’re not sure if you’re ready to buy or you’re still saving for a down payment, there are a few ways you can prepare in the meantime.

  • Keep paying your rent consistently and on time
  • Make sure your rent payments are showing up on your bank statements
  • Check out www.homefundit.com for a quicker way to save for your down payment!

    • If you’re interested in our positive rent payment history, let us know. We can explain the digital process in more depth when you’re ready!

     

    Sources: Fannie Mae

    How Your Rent Payments Can Help You Qualify for a Mortgage |
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