After a very long process I just got approved for a FHA loan but it has conditions. All except one I can easliy meet. They want 12 months of returned rent checks even though they recieved a rent verification form from the landlord. Problem is that my landlord does not take checks. I have paid 10 out of the last 12 months cash, and twice with money orders. I have the reciepts from the landlord. I'm hoping that the reciepts plus a letter of explaination from me and a letter from the landlord with be enough to satisfy the conditions. Anyone else have to meet conditions for FHA? I have no clue if they will accept this.
rob I'm in the process of getting a FHA loan and they just asked for the last 12 months rent receipts and that was enough. My preapproval was issued the next day.
Most times if you are renting from an apartment development or through a property management real eastate company, then rent receipts are acceptable. However, if you have been renting from a private party, then rent receipts are generally not acceptable because of the fraud potential. It is to easy for an individual to falsify information "as a favor" and so generally FHA as well as all other lenders require some sort of provable rent verification. Advise to anyone who is renting and may consider buying in the future....PAY BY CHECK...or if your landlord won't accept checks, then pay by money order and keep the receipts in a safe place. Hope this helps. fla-tan
I have been renting from a private party. I do have a few money order reciepts. When it all comes down to it and all the other conditions are met, do you think that not having returned checks will be enough to deny the loan?
Did you rent from a private party? They were just hand written receipts? Did you have to get a rent verification form as well from the landlord?
I just closed on my home in May 2002. I went the FHA route too. I did not have to show rent receipts. All that was required was a verification of rent. This seems like a double whammy on you. Maybe they do not believe that you paid your rent on time. Could your landlord have put something on the vor that raises questions for your lender? If they will not accept your receipts and the letter of explanation, then f*** em'. Go to someone else. It could be that this particular lender that is purchasing your loan has been burned before and is paranoid. Whatever happens, best luck to you. Buying your house is worth all the pain and suffering you go through at the loan stage. Really.... it is!! sirrowan
Without using expletives, could you give us your opinion of the notion of having a pre-approval before writing a contract (or even wasting time looking for a house-- and, indeed, spending money on inspections)? Also, just for fun: What you think of having to subject oneself to an FHA loan because one's credit is below average.
