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How you pay the rent may help your mortgage application

Source: Ron Lieber, N.Y.Times (Paid Registration)

Later this month, a group of renters in the United States will get a new break when they try to become homeowners: Their history of consistently paying their landlords will count toward qualifying for a mortgage.

Fannie Mae, the federally backed institution that buys mortgages from the banks and other financial institutions that size up and underwrite aspiring borrowers, effectively sets many of the standards for who qualifies and what data counts. Now, it plans to peer into many people’s bank accounts — with their permission — for a record of regular rent payments.

Read Full Article: How you pay the rent may help your mortgage application

 

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