Rent Payments Now Factor In Underwriting Decisions

On-time rent payments can now help you get a home loan!

Fannie Mae (the government agency that backs many mortgage loans) will now use on-time rent payments as a factor when granting a mortgage. Fannie Mae estimates that 17% of previously denied applications could have been approved if rent payments were considered, so the change promises to help a lot of homebuyers.

Though lenders have always documented rent payments as part of their application process, these payments can now make up for insufficient credit accounts and add real merit toward approval.

If you or someone you know has put off homeownership for fear of inadequate credit, it may be worth taking a second look.

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