Can 12 months of paid receipts for rent be sufficient for an FHA loan?

If you have one years worth of cancelled checks as proof of rent paid then that should be sufficient. Your credit score is a little bit low but should also still be workable. I would get with a local mortgage broker and stay away from the big banks.

Receipts will not work. You need 12 months of cancelled checks or bank statements evidencing the rental history. The way the underwriter sees receipts is that anyone can make out a receipt so it's not a solid form of proof. If you pay a property management company the lender can obtain an independent verification of rent from them to verify. That should work.

If you pay a property management company or a real estate company for your rent payments, then a letter from them and your receipts will absolutely be acceptable.. if you're paying an individual, the lender will only accept canceled checks or 12 monthly bank statements showing the automatic withdrawal.. if you're paying cash to an individual, then your receipts will not be accepted, since they can easily be forged, so this could cause a denial... 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

Your lender should know whether or not the rent receipts will be acceptable or not. If he/she doesn't, go find another lender. Also, depending on whether or not your husband's income will be enough to qualify, you could do the loan in his name only. You can still be on title. I only do reverses mortgages but there are a number of great FHA lenders here. I would seek another Loan Officer if I were you. Good luck. If you have loved ones who are 62 years or older I would be happy to educate them on the reverse mortgage.

All the investors I know who are willing to do FHA loans down to 620 credit have all sorts of overlays associated with those products. Most of the time it's easier to get the borrowers score over 640 if its that close. I'm not sure what exactly your question is asking. Is 12 months sufficient for what? There are all sorts of things that FHA guidelines require verification of for your mortgage application. There are underwriting requirements, and then there are exceptions based on certain circumstances and it sounds like someone is trying to do some manual underwriting or make an exception of some kind because I would hardly ever need 12 months rent history from a borrower. I would certainly hesitate to work with someone that needs you to order an appraisal before they can give you a conditional underwriting decision for a home purchase transaction. "Rolling the dice" is not the way to go. If the loan officer cannot clearly articulate to you what they are trying to do then you should be wary. We have an in house credit adviser that we'd refer you to in order to increase the score so you qualify for a better program. You don't want to rush a home purchase.

I agree that the loan officer or processor you are dealing with should know whether the receipts will be acceptable, or they should be able to find out. If you've already paid for the appraisal there isn't much risk to completing the process. I can go as low as 620 score and with your husband's 745 would probably not need the rent verificaiton unless he has very limited credit history. jstults suggestion of trying to do the loan only in your husband's name is a good one and makes sense if he qualifies without your income, all lenders have to consider the lowest score of all borrowers on the loan.

Your lender should run the automated underwriting to get the results. This will tell your loan officer if verification of rent is even required. I am in Cincinnati and we have our own underwriter. I would be happy to look at your file. There is neither a cost nor obligation. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and referral partners. Don't forget to visit our Facebook Fanpage athttp://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710?sk=wallOr Call Anytime 513-403-6260

My wife and I are both super prime. I just had an argument with my loan agent, we said the underwriter was going to want twelve months of banks statements to verify my rent, since my landlord and I used the same bank and we used automated transfers to conduct the transaction so there are no checks, and the landlord was an individual.I have a feeling they just want the statements any excuse will do. I called my bank and they said they can verify the transactions, if the loan officer contacts them with a document I signed. My question is will they go for it or is there something else at work here? I know my lender is going to try to sell my mortgage off, I signed a paper that said they would share the information. Do I have any privacy protection in this?

I answered you question several weeks back and wanted to know how things turned out for you? Please update me and let me know if you would like my help. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and referral partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710?sk=wall Or Call Anytime 513-403-6260

Did it work? I'm in the same situation