Profile picture for fcounty

perfect credit but a few late rent checks

i have a credit score of 799....i only have one current credit card that i pay on time all of the time.....in applying for mortgage they want my last 12 rent checks.....two of the rent checks were lost by the landlord so when i resent them the days they were cashed will make it look like they were late......i am also pretty lax about ut can paying my phone bill and cable bill as i never assumed that they would come into play in getting a mortgage.......i can however show that i pay my electric and car insurance as needed so i have a few other payments that i have not made a late payment on in well over a year.......i am putting 30% down and am getting a much smaller house than i am qualified to get........my question is....will it be tough for me to get a mortgage at the best available rates...how much will the "late" rent checks penalize me in todays environment
  • May 11 2010 - US
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Answers (10)

Profile picture for sunnyview
Mr. Real Social Network needs to be flagged whenever he posts saying "he knows someone" who can write the loan or whenever he posts his own phone number saying it's someone else. It's undercover spam at best and professionally dishonest at worst. I find his thinly veiled marketing attempt offensive.
  • May 14 2010
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Caleb,

If you are a senior loan officer for Flagstar why would you create a profile under Real Social Network?  It seems deceptive to me... Unless of course the phone number on your profile used to be Caleb's..

" Far too long has unexceptable service and misleading/blurry terms have turned around to hurt the hard working American, REAL SOCIAL LLC puts YOU the Buyer and/or the Seller in touch with agents that have proven to uphold the integrity and moral compass needed to be Associate Members with our Real-Social Media Network."

I think you meant to write Unacceptable
  • May 13 2010
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Have the Landlord write a letter of explanation stating what you just said. That is good enough for my guy. I also know that he just needs your credit score, no non traditional stuff like utilities. Give him a call he operates nationally. If you want his contact info just let me know. Especially putting down 30%... sheesh.

  • May 13 2010
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If they want cancelled checks then you must be renting from an individual and not a management company. Late rent payments are the same as late mortgage payments, 30 days past the due date. If you rent from a management company then a VOR or verification of rent should be sent and the management company rep would fill it out showing 0 x 12 for most recent history IF the payments were not over 30 days late. If the replacement checks were written and cashed 30 days after the due date then you will not be approved on FHA either. How many days past the due date were the 2 checks cashed and do they say " replacement check " on the for____ line of the check? Do you rent from an individual or company and will the landlord sign a statement saying they lost the checks or do they claim they never received?
  • May 12 2010
  • 2Yes

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If you are required  to show proof of rent payments, your canceled checks, letter from landlord, or management company show two late payments in the last 12 months, you won't be able to get a traditional mortgage. FHA may do it. But. I'm not well versed in FHA to give you an opinion on that. .... Good luck, Rudi
  • May 11 2010
  • 1Yes

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Many landlords do not bother to file the credit report if you paying late.
  • May 11 2010
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Profile picture for Tim Combes
For one thing, believe it or not, don't be too lax on the phone bill. I actually moved out of state and thought that I had paid all bills etc.. About a year later I went to check my credit score and it dropped 100 points. I saw that there was an unpaid phone bill from the state I was living in before and was told, after many days & hours trying to figure it out, that a cell phone is considered a "luxury item". I never recieved any notifications or anything! Unreal. I don't know what exactly your credit history looks like, but I know that it's not only the score that matters. It's also length of credit history, late or delinquent payments, etc. Good luck!
  • May 11 2010
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With 30% down I am assuming you are going for a conventional loan unless you do not have enough credit depth to qualify (enough establish accounts you are currently using).  Convenional loans usually do not alternative lines of credit (utility, insurance, etc.) so are they trying to take you the FHA route?

I would find out if they ran your file through the automated underwriting system and if the findings are calling for a verification of your rent.  If so, then you can see if they will be ok with 12 months of bank statements showing the payment of the rent.

  • May 11 2010
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I am surprised that you would be asked for rental verification with a 799 credit score.  Automated underwriting would not require rental verification,  and unless you only have one credit score and lender is doing a manual underwrite it shouldn't be a requirment. If it really is required it would seem that an additional letter from your landlord verifying that your rent was paid of time, and comment about lost rent checks should be acceptable.
Utility companies will report collection accts. (and do rapidly) so don't let their bills go unpaid.  Treat them like every other bill and pay on time.  One recent $50 collection acct. or even less can lower credit score by 80-100 points.....
  • May 11 2010
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Profile picture for wetdawgs
If your rent checks were late due to your landlord's forgetfulness, then perhaps your landlord will vouch for you.     However, I am a bit concerned about the impression that utility bills don't count.   They may come back and bite you one day, they do indeed count.

  • May 11 2010
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