On-time rental payments will now factor in to Fannie Mae underwriting calculations, and missed rental payments won’t keep borrowers from getting a mortgage.
The Federal Housing Finance Agency today announced that positive rental payment history will be taken into account in the government sponsored entity’s underwriting system.
The change is effective immediately, through a change to the digital underwriting system used by the agency’s regulated entity. Borrowers and lenders do not have to take any additional steps to make use of the feature.
The FHFA’s acting director, Sandra Thompson, said that the change will make it easier for renters to become homeowners. Rent, details ⇒
BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com