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Underwriter wants rent receipts but i just pay the utilities what can i do to satisfy that requirement?

by jorgesweet267 from Boulder, Colorado. Jul 31st 2015 Reply

Nick Bebout (NickBebout)
#100 ranked lender in Colorado - 30 contributions

It sounds like the underwriter wants to verify rental history and on-time payments. If you don't pay rent, then let the underwriter or lender know to see what your options are. Payment shock may be a factor, depending on your loan program. Hope this helps. Nick Bebout - American Liberty Mortgage - 303-458-3778

Jul 31st 2015
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,054 contributions

Not all, but some loans REQUIRE a 12 month rental history to qualify for a mortgage loan. Talk to your Loan officer to determine if your loan needs this, or if this is something you can explain and not have to actually have for the loan, or if you can maybe switch to a program that doesn't require a rent history.

Aug 2nd 2015
Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,112 contributions

Looks like you don't have them, but there may be other options in place of rent receipts. I would be honest with your loan officer and see what your other options are. By needing rent receipts it sounds like you are going FHA with a Manual underwrite. If so, you may be able to get past the the rent receipts if you have 6 months of reserves? No matter what, keep in touch with your loan officer and see what other options you may have to satisfy the condition. Best wishes, Sean 303-521-7169

Aug 5th 2015
Mark Hemingway (SFSLend)
#1 ranked lender in Colorado - 1,173 contributions

Depending upon your loan program and whether it is FHA, Fannie Mae , or Freddie Mac, you can state you are living rent free and then provide a letter of explanation that states that you are living rent free but pay some of the utilities. definitely have your loan officer ask the underwriter what options you have for your current situation. Good Luck - Mark 303-955-5606

Aug 6th 2015
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