Forgotten Your Password?

Need to Register?

Question Icon

I'm looking to buy my 1st home,with a USDA loan.my credit score is 700.I paid cash for my rent & have no proof is that a problem?

by antnmair@msn.com from Melville, New York. Mar 9th 2016 Reply


Jesse Stroup (jessestroup)
#199 ranked lender in California - 591 contributions

You maybe able to have your landlord wright some kind of receipt for monthly payments. Ask your lender what they will except as a letter of explanation.

Mar 9th 2016
2
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

Not a problem. Only manual underwrite loans require proof of rent history. As long as your file looks pretty good, it should be OK by the systems, and there is no need for rent verification. I do a ton of USDA loans, and I can't even remember the last time I needed rent verification. I wouldn't worry about it. But as always, contact a local mortgage broker in your area for more assistance. For USDA loans in MN, Wi, or SD, visit me at www.JoeMetzler.com/usda

Mar 9th 2016
2
0

Thank you gentlemen! I have nothing derogatory on my report, so I think I'll be OK. I wanted to ask because I received conflicting information from lenders. At least I know whom I should go with now. Joe I wish you were in my area I'd give you a call :) We are relocating to SC.

Mar 9th 2016
1
0
William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

With a 700 credit score, you should not have a problem.. Rent verification's are only necessary when a borrower has limited or poor credit and the lender is forced to do a manual underwrite on the file.. But with a 700 credit score, you should be approved through the automated system, in which case no rent verification needed.. .. 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

Mar 9th 2016
1
0
Subscribe to our news feed.