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Late payments on a VOR form?

I will been late on rent 4 separate times in 2.5 years. I live in an apartment and am wondering how significant this will impact my VOR form that is being requested??Do I need to move and start over again with fresh rental history??Can I ask to switch out the VOR form with cancelled checks running back 2 years as none of those late payments would show up?? by jesseprimeaux827 from , California. Oct 24th 2016 Reply


Orlando Diaz (odiaz@guaranteemortgage.com)
#1019 ranked lender in California - 3 contributions

The first question the lender will ask is, were there any lates in the last 12 months? If not, then it will be a non-issue. If there was a late in the last 12 months it is not an automatic "NO" for getting your loan approved. The whole file would need to be reviewed and the underwriter would more than likely ask for a letter of explanation regarding the lates. Hope that helps.

Oct 25th 2016
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Larry Gray (lgray_312_247)
#565 ranked lender in California - 1,127 contributions

It is not an automatic disqualifier. If someone has worked with you on qualifying and feels you do not qualify as yet it is important you get qualified with one or two other lenders. You could bring up your history on rent late payments and make sure they have been able to do loans with such lates before going further in qualifying. However, no one can give a definitive answer until they properly input all your qualifying information into an automated underwriter and see if they can get an accept. That would make it likely your loan would go through. Otherwise, solid experience with various credit issues, and providing specific information to an underwriter can provide an indication if you might qualify with a manual underwrite.

Oct 25th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,483 contributions

The vast majority of mortgage loan programs do not require the lender to obtain a verification rent. If one is needed, lender prefer third party documentation, which would be the cancelled checks. Next, when and how many? If needed, it really is only the last 12 months. I'd also talk to the Loan Officer about what is going on, and do you really need a program that requires a verification of rent?

Oct 25th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,874 contributions

More info needed.. But basically, Lenders only go back 12 months.. and being late on rent is typically not a problem.. being 30 days or more late on rent is a HUGE problem.. Also understand that requiring rental history is not always needed.. some lenders automatically obtain them, while others don't.. so even if there is an issue, it's possible another lender would not even inquire.. 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

Oct 26th 2016
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Albert Aimer (aaimer@hightechlending.com)
#1319 ranked lender in California - 1 contribution

The VOR that is being requested may be an overlay requirement from the lender you are using. What this means is if the Automated Underwriting System is not asking for rental verification, then the lender simply is adding their own internal requirement to fund your loan. This is common. You may be able to avoid the VOR if you use a lender with minimal overlays (like us). If the AUS is not asking for it, then we don't need it. It's very rare for the AUS to ask for the VOR, unless your score is lower than 600.

Oct 25th 2016
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