Rental History Can Now Factor Into Obtaining a Mortgage

📢 Exciting News for Renters! New Policy Change Effective Immediately!

We are thrilled to announce a new policy change designed to make homeownership more accessible for renters. Effective immediately, renters can now use their VantageScore credit rating when applying for a first-time homebuyers loan through Fannie Mae or Freddie Mac. This significant update includes the benefit of factoring in your rent payment history, provided your payments are reported to major credit bureaus such as Equifax, Experian, or TransUnion.

This change aims to acknowledge the financial responsibility demonstrated by paying rent on time, making it easier for renters to qualify for a home loan. Whether you're dreaming of purchasing your first home or planning for the future, this policy is a step towards opening doors to new opportunities. We encourage renters to ensure their rent payments are reported to the credit bureaus and take advantage of this beneficial development.

For further details or assistance, feel free to reach out. Happy home hunting! 🏡✨

Source:https://www.realtor.com/news/real-estate-news/fannie-freddie-vantagescore-fico/

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