How will the lack of rental history affect my home loan process? Other questions too...

Chris... Looks like you've put a lot of thought and energy into this, which is great because you're giving yourself enough time to pave your way to getting ultimately approved. Honestly you just need to have a (competent) loan officer run you through underwriting and give you an 'official' breakdown of where you stand and what you need to do for approval. AnnieMac is a mortgage bank that does business nationwide... and I can probably have this figured out same day for you. Feel free to call me at 856-291-3122 or email at mboyce@annie-mac.com

Sounds like you would qualify for a VA loan if you can get the VA Certificate to purchase. Give me a call we should be able to help you. 888-320-7888 - www.MortgageWholesale.net - Ken

Ok, for most loans with your credit scores we do not need a rental history. I see that your residency at one time was on a military base. Her you served in the armed forces? If so, there are other options available for you. I do not need 24 months rental history. If your credit scores were lower we look at 12 months verification only. Keep in mind that in most cases, we do not look at rental history. Please feel free to email me at nloudan@primelending.com or call me at 540-450-2700. I appreciate the opportunity to assist you and I look forward to hearing from you.

Ok.. So let me start with your original question... will lack of rental history prevent/affect your ability to finance a new home.. then answer is NO... if you do not pay for housing, and have not had to pay for housing in the past 2 years, lenders think you get "Payment Shock".... so they will have you write out a budget for all of your expenses, not just the ones that show on your credit report... So long as you can show that after all expenses, you able to put 5% or more into savings ever month, you will pass the test... Based on everything else you show above.. You will have no problem qualifying for a mortgage FHA, VA, or conventional.. the fact that you have been able to save because you're not paying much in rent is a very strong compensating factor... if you were in my market, i would say, "go shopping for your new home"... But let caution you on one thing.. do not use a local bank, or one of those 50 states or internet lenders.... deal only with a LOCAL mortgage broker... the LOCAL broker is familiar with the customs for your area, and because he deals with many lenders, not just one, he can find the right loan product for your particular scenario... WilliamAcres.com

Many times, the underwriting model (referred to as the AUS) will return findings that stipulate "No verification of Rental History required" If this is your case, then you have no problem. How do you know if this is your case? Simply contact a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. At the same time, he/she will be able to tell you if there are any other issues that may affect your qualifying. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com