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.
Our user-friendly calculator puts you in charge of estimating your mortgage payment.