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What if we're not currently paying rent?

We've been living with family for the last 6 months, and we don't pay rent, we just pitch in for food, utilities, etc...Can we still get a loan with no current rental agreement? by dr_mike16510 from , . Jul 10th 2013 Reply


Jeff Statz (mortgagestatz)
#42 ranked lender in Wisconsin - 6 contributions

Lenders run your loan application info and credit through an automated underwriting system (AUS). As others mentioned, solid credit and reasonable debt structure help this get approved. You should file an application with a lender and ask that they run their AUS upfront. An Accept response will waive a rental history.

Jul 10th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,414 contributions

Ok.. so there's just too many Generalities within your question.. Credit on the upper side of good and husbands in the OK range does not help.. so in general.. You do not have to be paying rent to qualify for a mortgage.. you do have to have sufficient credit and credit scores as well as income and verified assets and reserves. If your husband is working in OK and he has been in the same "Field" for 2 or more years, then his income can be used to qualify for a loan.. if you transfer to OK from your current job, or you get a job in OK within the same "Field", then once your there and have 30 days pay stubs, you can apply for a mortgage, and your income will be considered.. because your not paying rent now, the lender will require a "Budget Letter", because they don't want you to experience "payment shock".. and ideally they want to see that after all your expenses, including the new mortgage payment, you are still able to add money to your savings account each month. From the limited amount of info you provided, I don't think you should have a problem.. but it's all in the details.. if you want to know for sure, you should contact a local Oklahoma mortgage broker and apply with them.. after he see's your complete scenario, he should be able to advise you how to get approved... .. 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. 480-287-5714 WilliamAcres.com

Jul 10th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Solid job history and good credit will help.

Jul 10th 2013
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Kiernan Brown (KiernanBrown)
#51 ranked lender in Michigan - 149 contributions

your credit profile will decide if you need to provide a rental history. Most loan programs allow you to qualify without a rental history, provided you have good credit and reasonable debt to income ratios.

Jul 10th 2013
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I ask because I spoke with a lender and started the pre-approval process, but he said we would not be able to get a loan because of our sitiation. My husband currently lives in Oklahoma, and I will be following in the next few months (From California, with no set date yet). The lender said we won't be able to get a loan until 1) I move to Oklahoma and get a job, or 2) My husband goes out and rents an apartment/house.Both of us have GREAT jobs, that's why I'm still in California, we're saving my paychecks for a down payment. I have credit on the upper side of Good, and my husband is in the Okay range. We have less than $5k in debt, and over $10k for a down payment. All our bills are paid in full and on time. It just doesn't seem right that we can't buy a house because I don't live there yet, and we're not currently renting.

Jul 10th 2013
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I ask because I spoke with a lender and started the pre-approval process, but he said we would not be able to get a loan because of our sitiation. My husband currently lives in Oklahoma, and I will be following in the next few months (From California, with no set date yet). The lender said we won't be able to get a loan until 1) I move to Oklahoma and get a job, or 2) My husband goes out and rents an apartment/house.Both of us have GREAT jobs, that's why I'm still in California, we're saving my paychecks for a down payment. I have credit on the upper side of Good, and my husband is in the Okay range. We have less than $5k in debt, and over $10k for a down payment. All our bills are paid in full and on time. It just doesn't seem right that we can't buy a house because I don't live there yet, and we're not currently renting.

Jul 10th 2013
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Kiernan Brown (KiernanBrown)
#51 ranked lender in Michigan - 149 contributions

Based on the additional information you have provided,I recommend finding a qualified Lender411 professional in Oklahoma.

Jul 10th 2013
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Peter Botros (PeterBotros)
#71 ranked lender in New York - 895 contributions

rental history is not a major issue. You will have the toughest time with you not being employed in OK.

Jul 10th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,414 contributions

Ok.. so there's just too many Generalities within your question.. Credit on the upper side of good and husbands in the OK range does not help.. so in general.. You do not have to be paying rent to qualify for a mortgage.. you do have to have sufficient credit and credit scores as well as income and verified assets and reserves. If your husband is working in OK and he has been in the same "Field" for 2 or more years, then his income can be used to qualify for a loan.. if you transfer to OK from your current job, or you get a job in OK within the same "Field", then once your there and have 30 days pay stubs, you can apply for a mortgage, and your income will be considered.. because your not paying rent now, the lender will require a "Budget Letter", because they don't want you to experience "payment shock".. and ideally they want to see that after all your expenses, including the new mortgage payment, you are still able to add money to your savings account each month. From the limited amount of info you provided, I don't think you should have a problem.. but it's all in the details.. if you want to know for sure, you should contact a local Oklahoma mortgage broker and apply with them.. after he see's your complete scenario, he should be able to advise you how to get approved... .. 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. 480-287-5714 WilliamAcres.com

Jul 10th 2013
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Steven Cook (stcookmortgage@gmail.com)
#38 ranked lender in Washington - 256 contributions

You should be in contact with a local (OK) licensed mortgage professional, and he should be able to make sure all the points are in order, so that whenyou get there and have your 30 days of income, you can be moving quickly toward your purchase. He should also be able to assist in determining ifthere is a way to help raise either or both your credit scores. If you don't need your income to qualify for the home (if your debt to income would beless than 40% with just your husband's income, you wouldn't need to wait that long -- but you need to talk with a local licensed mortgage officer tofind out exactly where you stand.

Jul 10th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

If your husband has sufficient income, he may be able to qualify on his own. Otherwise, you may need a OK job, or a verified transfer to OK from your present company.

Jul 10th 2013
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Eric Vander Werff (Loanguy99201)
#87 ranked lender in Washington - 27 contributions

Based on what you described, I don't believe the automated underwriting system will require rental history. You should definitely apply and get pre approved through a lender who can run this for you, however, prior to looking for homes.

Jul 10th 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

Yes, If you have other credit

Jul 11th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,238 contributions

Yes as long as all other guidelines are met

Jul 11th 2013
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Jason Vondrak (jvondrak)
#217 ranked lender in California - 1,741 contributions

Your rental history is not as important as your credit score, income, debt-to-income ratio, etc. So, yes, you can still get a loan without paying rent as long as you meet the other requirements.

Jul 11th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,754 contributions

Sure... There are a few loans which require an existing rental history, but most do not. Contact a local mortgage broker in your area for more assistance.

Jul 11th 2013
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James Barath (JamesBarath)
#9 ranked lender in Indiana - 351 contributions

Based on your previous comment, it sounds as if your husband has insufficient credit history established such that the lender needs satisfactory rental payment history as noted in the DU AUS findings. Make sure to address the underlying issue which is your husband's credit, not just the lack of rental history. Good luck.

Jul 11th 2013
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