How to make rent payments work harder for you.
If you pay your rent each month, we believe you are likely to pay your mortgage consistently, too. The right lenders have the ability to consider your consecutive monthly rent payments in determining if you qualify for a home loan through Fannie Mae.
Get recognized for your consecutive rent payments. You may be eligible if you:
• Have a minimum of a 620 credit score.
• Are a first time home buyer buying a primary residence.
• And can show a 12 month rental history through access to bank statements for that 12 month period.
You’ll need to show proof of rent payments
To allow your lender to verify that you’ve been consistently paying rent, you must give consent. Your lender will use a digital process to access your bank account statements and can only view your account(s) for as long as needed for the loan process. Speak to your lender about how this information can be obtained securely and confidentially.
This may make up for a limited credit history
If you have a limited credit history, this enhancement could help you qualify for a mortgage whether your rent payments are reported to the credit bureaus or not.
If this applies to you, let’s chat!
Only a positive change can come out of this
Missed or late rent payments are not identified and won’t be counted against you. Only consecutive rent payments may be considered in your mortgage evaluation. If you have questions about this, your lender can help.
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Qualify for a mortgage with rent payments
