What if applicant hasn't been responsible for rent?

Home Forums Purchase Program What if applicant hasn't been responsible for rent?

This topic contains 3 replies, has 3 voices, and was last updated by  TTrumble 10 months, 1 week ago.

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  • #41947

    I keep reading that rental history is examined and verified in the NACA program. In order to take care of some large debts, applicant moved in a rent-free family-owned house and has not had to pay rent for over 2 years. Applicant has absolutely great credit dating back 4 years and credit includes, cars, personal loans, and credit cards.

    Applicant did rent prior to 2 years ago in another city but the apartment complex has changed owners and managers since then one than one time and I imagine it will be next to impossible to get verification.

    So will having no rental history matter?



    you would have to show that you have been saving what you would like your monthly payment to be. for example, if you want your monthly payment to be $1,500, your monthly payment shock should be at least $1,500. Basically, you need to show that you can pay that amount by saving it


    Ok that sounds reasonable. I have not been saving because I was getting out of debt and buying some items I needed for my small business. Thank God I am out of debt now and the items have been purchased. How many months of payment shock do I need to show? I can start now right?



    Hello tiredofrenting,

    Any time you are paying zero rent, your Payment Shock is automatically your full desired mortgage payment amount. A minimum of six months Payment shock is required if you do not have a recent rent history, and you must continue to save the Payment Shock amount each and every month without fail until you close on your home.

    Tim Trumble
    Online Operations, NACA

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