“It’s Vital to Pay Your Rent on Time”
I must say I am truly disappointed we have not been approved for the mortgage. I truly don’t understand why the lender is requiring 12 months of consistent rental payment. Even though we were late twice, we doubled up the following month. I have already given copies of the cancelled checks which is what I thought the lender wanted. You indicated as a result, the lender may turn me down all together. Is there anything else I can do?
I can’t blame the lender on this one. When someone applies for a mortgage and has very little credit, the lender is going to put a lot of weight on rental history. When the rental history isn’t that good, the odds of obtaining a mortgage are greatly reduced.
The way the lender looks at this history is no different than if the client was making their mortgage payments late. Having two 30-day late payments over a 12 month period is not very good.
We have since added a co-signer to the transaction, which made the lender a little more comfortable.