Selling Guide

Published April 07, 2021

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When using nontraditional credit is a verification of rent required for a principal residence purchase?

Rental Housing Payments

This include payments made to a landlord or management company. Also included are payments made on a privately-held mortgage loan that is not reported to the credit bureaus, contract for deed payments and other similar arrangements, provided the payments are related to the borrower’s housing.

Loans underwritten through DU where a nontraditional credit history is required must include rental housing payments as one source of nontraditional credit. 

Manually underwritten loans do not require that one source of nontraditional credit be rental housing payments. However, if no borrower on the loan is able to document a rental payment history, a minimum of 12 months’ reserves must be documented.

For additional information, see B3-5.4-02, Number and Types of Nontraditional Credit Sources.

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