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FHA vor help... PLEASE

I have been pro-approved for a loan of 90k. I plan on purchasing a home with my girlfriend (not the issue). We both have credit scores around 620. The hitch is that we live together with a roommate. All three of us are on the lease. We rent from a rental company. Where the problem arrises si that we pay our roommate cash, the amount changes based on utiliy usage (as utilities are in my girlfriend's and my name), and he pays the rent, direct deposit, from his account. If we get a VOR form sent to the property management company, will this suffice for the (possible) underwriter? by rw.krichiver@gmai... from Glendale, California. Nov 28th 2015 Reply


Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

Let the lender worry about that, if they can't work it out, try another lender or start paying the roommate with checks (or bank draft/transfer) you can trace - for at least 6 months and try again. The challenge may be your relatively low scores and lack of much other credit, typically that is when a VOR is required - and not always. Good luck.

Nov 29th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

The VOR will need to show that the rent is paid on time (not more than 30 days late) and that all 3 are on the lease.. this will meet the underwriters requirements.. Understand that the lender will order the VOR.. they cannot accept it from you directly.. they need to obtain it independently of you.. but as I said, it shouldn't be a problem since the rent is paid to a property management company.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Nov 30th 2015
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Larry Gray (lgray_312_247)
#595 ranked lender in California - 1,139 contributions

Having a leasing agent or landlord you should have no problem with us or many other lenders verifying the rent was paid on time. We often use explanation letters that you sign when something is not completely clear. You should have no problem, though I wonder if a loan of $90,000 will be sufficient to buy what you are looking for in a broad range around the Glendale area. Obviously, you want your monthly payment to be affordable. Sometimes when there are two incomes but I could only use one in qualifying a couple, one might seek having a non occupying borrower to help qualify for the amount needed.

Nov 30th 2015
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