April 27, 2020 at 1:54 pm #67380padgeta2Participant
I am renting an apartment for $1350 a month (which is close to what I want my monthly mortgage payment to be around), but I just started April 1. Will they need to see the cashed checks for April, May, and June? Or longer? Also, is it ok if I pay half the first half of the month and the other half the second half of the month? It’s ok with my landlord, but I wasn’t sure that’d be ok with NACA. Finally, I noticed on my bank statement that my landlord hasn’t cashed the check from April, so I moved the rent amount to my savings. They just let me know they had misplaced the check, and are getting ready to cash it. Is it ok if I move funds from my savings to my checking for this purpose? I totally understand I may be asked to write a letter of explanation, but want to make sure that won’t prolong the process by an entire month because of their oversight!April 27, 2020 at 2:15 pm #67382NelsontMember
You will probably need 6 to 12 months of rental history but, I think you would be fine if you can get whoever you were living with at the time to write a letter explaining who they are in relation to you, that you lived with them during a specific time frame (provide exact dates), whether you contributed to household expenses (it doesn’t matter they just want to match up your bank statements and spending patterns – if you didn’t contribute then you should be saving more), have them date the letter and wet sign it. This letter will need to updated with a new date and wet signature at every step along the way.
Whatever your rental payment program is is fine as long as it is written down in your lease agreement. Your landlord will need to corroborate this with their rental ledger. If you rent a room from a friend with no formal lease agreement then they will also need to provide a similar letter as stated above. If your lease agreement is an official legal document then you would probably be required to start paying rent in full once per month as per your lease…if your spending doesn’t match the LEGAL document there will be an issue.
It is OK to move money between your accounts for any reason at any time. Just make sure to write a letter of explanation for each move over about $100.
Letters of explanation won’t delay your process. They will help you out. They are a big reason some naca members can buy houses when they are denied through other programs.April 27, 2020 at 5:22 pm #67392padgeta2Participant
Do you think they’ll need six+ months of rental history consecutively? I certainly have a rental history, I just took a break for January and February to wait on this rental property to be available! But, I have years of rental experience (and a mortgage I got through NACA) as proof of my payment and commitment to timely payments.April 27, 2020 at 8:11 pm #67401
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