Would a 34yo male who has lived at home with his parents all his life, besides going to the army, have a difficult getting a mortgage? He has no rental history at all. $40K income. He doesnot have any delinquencies and 3 credit cards and 2 auto loans. (It is not me either. Just a friend that I am arguing with about this matter)
PROBABLY NO PROBLEMS...there is NO law that you have to have a "RENTAL HISTORY" before you can buy a house...
There should be. This PERSON has not demonstrated he can or will pay to put a roof over his head. He is not used to making a monthly payment. Also he is not worried about losing his house b/c he can just move back in with Mom and Dad. Who can't afford a car and credit cards if they dont have to put a roof over their head or buy groceries or pay ultilties. Making $45K a year. That is disgrace. But I guess there are plenty people like that. I have a friend who makes $100k and lives with his folks but he is also on the mortgage of their new home. His income helped them get it.
rent history doesn't matter if he had no credit history at all then he would have a problem. Besides apartments don't report to CRA unless its negative.
Re: rent history doesn't matte The only reason that I asked the question is mortgage companies have asked for landlord info. Anyway it is not important. You guys agree with my lazy friend and I guess he won the bet. If he stopped buying comic books he could have a home and his parents could enjoy their retirement. It's not like they want him at home. But that is not my business now is it. Thanks for your replies.
too funny You have got to be kidding. That is too funny. He be living there until he's 50 if he hasn't left by now. I am 22, I move have moved out to my first apartment since I was 19. I don't think he will get a mortagage for a house easily. They probaly will ask for previous references for rent.
Re: rent history doesn't matte My daughter is 19...bought a house with 20 year old sister..as you can see, 19 year old had no previous rental history..20 year old had rental history but short
Re: rent history doesn't matte My fiance lived with his parents until is was 32. That doesn't make him lazy. He bought a duplex and moved out at 32.
Re: rent history doesn't matte Excuse me, I said my friend was lazy not your fiance. Plus, my friend is going on 35 next month, not 32. And I dont see any future fiance or intensions on moving out anytime soon for this fellow. I would call making more money than your parents and still having them support you, Lazy. But in this day in age almost anything is acceptable.
