Share This Article
Fannie Mae Will Consider Rental History For Applicants With Thin Credit
Fannie Mae is adding a new feature to their automated underwriting system. If you have been paying your rent reliably and this is reflected in your submitted bank statements, the app will automatically identify your rent payments and consider them as part of your credit history. For first-time home buyers with thin credit profiles, this could mean the difference between approval or rejection.
30 Year Fixed Mortgage Rate
|Today’s Mortgage Rate||2.919%|
|Change From Yesterday||-0.01|
|Change From One Week Ago||+0.11|
|Change From One Year Ago||-1.101|
15 Year Fixed Mortgage Rate
|Today’s Mortgage Rate||2.197%|
|Change From Yesterday||-0.004|
|Change From One Week Ago||+0.045|
|Change From One Year Ago||-0.489|
Today’s Financial Headlines
How people pay their rent can help determine if they are credit worthy for a mortgage. Fannie Mae is introducing a new parameter to its loan qualification process. For the first time, a mortgage underwriter will now consider rental payment history when making loan decisions. For some borrowers with thin credit profiles, this change will finally allow them to buy a home.
One of the most important decisions you must make when buying a home is what type of mortgage to assume. Each mortgage product on the market has its pros and cons. Borrowers must evaluate their situation and choose the best option for their circumstances. This guide will walk you through choosing between a 30 or 15 year fixed rate mortgage.
The pandemic mortgage forbearance programs come to an end this fall. The numbers show a very strong recovery, with most people who enrolled in forbearance already having exited the program. However, a significant number of homeowners will face hard decisions when the program ends and they still can’t pay the bills. Many will decide to take advantage of the hot housing market and sell. This could finally ease the real estate supply shortage.