Positive Rent Payment History Added to Fannie Mae Credit Risk Assessment for First-Time Home Buyers.


 

Great news for Renters! Beginning September 18, renters with a positive rent payment history may have it considered on their overall Fannie Mae credit risk assessment. Previously, a positive rental history was not considered when evaluating borrowers for approval. The following criteria are required to take advantage of this positive change:

  • The borrower must be a first-time homebuyer
  • The borrower must have been renting for at least 12 months.  
  • The borrower’s rent payment must be $300 or more per month, ? the mortgage loan must be a purchase transaction.
  • The property must be secured by a principal residence.
  • The borrower(s) must have a credit score, and ? the lender must obtain a VOA report with 12 months of bank statement data through an authorized DU validation service asset verification report vendor.
  • The lender must obtain a VOA report with 12 months of bank statement data through an authorized DU validation service asset verification report vendor.

*Eligibility criteria must be validated in accordance with Fannie Mae requirements.

 

If you have any questions, please call us today to learn more from our licensed mortgage professionals.

 


* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.