For the first time, people who have paid rent consistently for at least 12 months can have that payment history considered by an automated underwriting system to help them qualify for a mortgage. This update can potentially expand homeownership opportunities to historically marginalized borrowers who have been overlooked by the traditional mortgage and banking system due to limited credit history.
- FAQs
- Rent FAQs
Why is this revolutionary?
Related FAQs
What will DU consider a “rent payment”?
What will LPA consider a “rent payment”?
Who has access to this new feature?
Does the FormFree AccountCheck solution support 12-month data history?
How do I request a 12-month report via the AccountChek platform?
How do I take advantage of this enhancement?
What does this mean for FormFree customers?
Why is Freddie Mac’s AIM for income using direct deposit significant?