Home Buying in Lafayette>Question Details

Gravelyguy, Home Buyer in Lafayette, IN

Help getting mortgage without Verification of Rent (VOR)

Asked by Gravelyguy, Lafayette, IN Mon Jan 30, 2012

I'll try to keep this simple. I am 23 years old and I am looking to buy my first home. I have been living with my mom in the same rental property for the last 6 years. When we signed the lease I was under 18 years old, so my name is not on the lease. All rent checks have been written out of an account with both of our names on it. She will NOT be on the loan application. I am self employed and the rent does show as a deduction on my income tax forms. I can provide cleared checks showing timely payment, but I will not be able to get the landlord(not friendly BTW) to sign a (VOR) without my name being on the lease. Will a bank loan me money? I have good credit and decent income.

Transunion Fico- 690
Equifax Fico- 687
Experian- Report is same as others, but cannot get score from myfico.com

Income average for last two years- $56,500

I have ZERO debt and I own a 2009 and a 2011 truck free and clear that could be used as collateral if banks even do this?

Anyone care to help? Thanks!

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Kristy Miley’s answer
Hi, In my opinion you sound like an ideal buyer who should be able to obtain a pre-approval easily, and I do not believe you will need to verify the rent. I think it is important to work with a buyers agent who will represent you in negotiating and purchasing of the right home for you. In Indiana you can have professional representation without any cost to you as a buyer. When a seller lists a home, they negotiate the commission as a total and it also covers the buyers agent, so they will work for you and be paid at closing by the seller. Therefore I think the best first step is to contact a Realtor, or a few, and choose one who you really trust, and then obtain a few lender referrals and you and your agent can go over different loan programs with a lender to determine what will be best for you. I do a lot of first-time home buyer representation and I would like to assist you. If you would like to check out my references you can do so at http://www.kristymiley.com. I hope to hear from you soon. You can also email call or text me and I will get you started in the right direction. Thanks, and good luck. I have a free buyers guide I can email you also, as well as some listings that you may like, based on what we initially discuss. Kristy Miley
1 vote Thank Flag Link Mon Jan 30, 2012
I don't see you haveing any problems getting an loan. Start going to local banks or even your bank and see what they can offer you. With not having any debt and with a good income the chances that you will have the money to make the monthly payments are very high. Start at your bank first and see what kind of deal they can give you.

And don't let every bank you go to run a credit score because that will ruin your credit. When you pick the bank that has the best deal for you only let them run the credit check. I was in your shoes 3 years ago but I have no credit score at all and got a loan with my bank that I use very easily because they know me
0 votes Thank Flag Link Sat Nov 17, 2012
Thanks to all! I have found verification of rent only becomes a factor if you don't have established credit.
0 votes Thank Flag Link Fri Feb 3, 2012
I would agree with Kristy on this one, start with an experienced Buyer's agent. They will be familiar with which lenders in town are the best for the type of loan you are looking for. There are actually several programs/lenders that work with bank statements instead of the VOR. With your income, credit rating, and last 2yrs tax returns, you should not have a difficult time. I will go one step further & suggest NOT to just call an agent from a yard sign. You need your own Buyer's Rep that keeps your best interest 1st. If you need help finding a lender or an agent, feel free to call. If not, happy house-hunting & best of luck!

~ KIMI ~
Realtor® | Broker
0 votes Thank Flag Link Fri Feb 3, 2012
Gravely just a thought. I am not sure who is doing your taxes but rent for a place to live is not a deductable expense for the IRS.
That said get in contact with a goos loan office in your area. You may want to contact a Realtor® for a referall. The loan officer that I use in my area would run your file by underwriting before we looked at house just to make sure that there would be no surprizes. Desktop under writing may approve you but when the file gets review by a person there can be problems.
0 votes Thank Flag Link Tue Jan 31, 2012
As a mortgage broker we work with several lenders who would not require a verification of rent with credit scores as high as yours. We offer all loan programs including 100% USDA and FHA. Would your like to make an appointment to get started? Dmennen@tippecanoemortgage.com
Txt. 765-714-8894. We can help you.
0 votes Thank Flag Link Mon Jan 30, 2012
Call my cell, 765-409-5663
0 votes Thank Flag Link Mon Jan 30, 2012
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