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My lender wants a signed and dated letter explaining why some months your rent is $725 and others $675.

Well I don't know why my spouse is the one that pays it and they are all but one in the grace period but he paid 3 of them as if they were late and I don't know what to do. I know this can screw mw from getting this home loan!!! HELP!!! by nlewis22742 from , California. Sep 4th 2014 Reply

Joe Metzler (JoeMetzler)
#2 ranked lender in Minnesota - 3,721 contributions

Some loans require lenders prove a rental history, and others don't. They are looking to see if you make on time rent payments. If the payments are two different numbers, it is logical to wonder if you are paying the full rent, or just partial rent, which meas you are making late payments. A good letter of explanation should fix the issue as long as you have NOT really been late.

Sep 5th 2014
Hans Bruhner (Hans Bruhner)
#121 ranked lender in California - 106 contributions

Don't worry. It won't cost you the loan. Just ask your spouse what is up and if the answer is that your rent is $675 and if paid after the 5th it is $725 then that is the answer. It doesn't look great but the big deal is that we are looking to see that the rent is not 30 days late. We need to have an answer in the loan file as to why it is different so tell the truth and you will be OK. I am happy to discuss in person but your loan officer should be holding your hand through this process and helping.

Sep 4th 2014
William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,369 contributions

Try asking your spouse, and then write the letter.. If it's a $50 late charge, put that into the letter.. lenders are concerned that you don't go past 30 days late on your obligations.. if your landlord only gives you 5 days and you had to pay a late fee, it's not a big deal and wont prevent you from getting a mortgage.. try asking your loan officer for help writing the letter. 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

Sep 5th 2014
Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,110 contributions

It's all good, they just want an explanation because the amounts don't match up. Remember we are only concerned if you have gone 30 days late (28 Feb). You may have been 3 days late and had to pay a late fee on your rental, that is okay. You just need to explain the difference is for the late charge since you paid on the ______. Best wishes, Sean

Sep 8th 2014
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