Will a rent payment effect loan qualification?

[ohiolandlord]

What if a renter can't get out of his/her lease before the closing on a new home? How much does that usually effect their approval rate on their loan application?

[MDECELLO]

If a renter is still obligated for a rent payment, at the time we qualify them for a Mortgage Loan, they must qualify on paying both the New Home Mortgage Payment and their Current Rent.

We do not run into this very often but it has occured and in many cases by the time your first Mortgage Payment comes due, the rent has expired.

I hope this answered your question and feel free to call me Toll Free at 866-997-7283 or email at MarkD@AssuranceBanc.com

Find me on the web at http://www.assurancebanc.com