We have been paying rent for the last two years via check but two months ago my landlord switched to a digital method using an app called Venmo and we now pay through that. Is this going to affect our ability to qualify at all? The payments do appear on my bank statement.
As long as the bank statement verifies where the funds are going (i.e., your landlord) you will be okay. With that and a completed Verification of Rental form from the landlord, there should be no problem at all.
If for some reason the bank statement might leave some doubt as to the recipient of the funds, get your landlord to sign a Letter of Explanation about the switchover to the electronic payment method to clarify things.
I’ve been searching for an answer to my question but this thread is the closest I’ve found. I even created a post but am still uncertain. I’m hoping you can help.
My husband and I split our rent each month and we are both on the lease. He usually Zelle’s me the cash and then I log online and pay our rent using ACH (routing & account #)
His zelle payment to me shows his name on my bank statement, and my name on his bank statement.
Can we keep using Zelle for this purpose & since our names show up on each others bank statements.
I am sure we will both have to wrote LOE each month, (Money coming from his account, and money entering mine).
I was approved years ago within 5-6 months, but that was when I was single, so I am familiar with all of the back and fourth and tedious paperwork, so I just want to make sure we are good before 1st intake session.