Couple things. I have full payment shocked for 9 months WITHOUT counting rent I pay to roommate.
I was asked to provide 12 months of rent payments(which I did)
Why am I now required to provide receipts from landlord? I’ve written LOE me and my roommate have signed. It states that I am not on the lease, he is the one on the lease. He will not be living with me when I get my home.
I feel like some of this is inconsistent with the workbook. I dont make the payments directly to the landlord, I give my half of the rent to my roommate and he pays it. I give him the payments on time, when he pays it? Who knows.
Also I have saved 100% shock for 9 months straight. Which is also well above the piti on my Loan estimate. Not sure what else I have to do to prove that I can afford to pay my mortgage.
Everything needs to be paper traceable. If you are paying cash you a receipt and a LOE explaining the cash withdrawal from the bank. If you pay by check instead of cash the canceled check will work as a receipt and you just need a LOE because you are not on lease. If you do not pay rent at all you do not need a receipt you just need your roommate to sign and date a letter explaining you live there rent free.
The only way to get by without a receipt or LOE is to be on the lease yourself and be the only person paying rent and pay the rent via check or online debit. Your landlord would then need to fill out the rental verification form or provide copies of the rental ledger, each are in lieu of a receipt.
And FYI. the receipts are not to show you afford a mortgage. They are to prove where your money is going and that you are not picking up poor spending habits.
This reply was modified 1 month, 2 weeks ago by Nelsont.
I understand what your saying. But the workbook states If you cannot prove you paid rent with 12 months verification or you dont pay rent. then 100% payment shock for 6 months is required.
It seems like I was better off saying I dont pay rent. I dont care if they count the half of the rent I pay to roommate as payment shock because I dont actually need it. Ive saved like I dont pay rent.