Kimia Amos
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Renters May Now Have An Easier Time Qualifying for a Mortgage
It’s about to get easier for renters with limited credit history to qualify for a conventional loan. Beginning September 18, 2021, Fannie Mae will have a new feature in its automated underwriting system that will incorporate rent payments with the permission of the loan applicant. Single-family lenders will be able to automatically identify a pattern of recurring rent payments in an applicant’s bank statement during the underwriting process.
