Mortgage Payment History Requirements
• Primary Residence - Max 1x30x24 inclusive of all mortgages for all borrowers on the transaction when the borrower is obligated on the mortgage/note (No late payments in the last 6 months with one allowable 30-day late payment in the past 7 to 24 months)• Second Home and Investment properties - Max 0x30x24 inclusive of all mortgages for all borrowers on the transaction when the borrower is obligated on the mortgage/note (No late payments in the last 24 months)
• Any mortgage lien on the subject property where the borrower is not a note holder (e.g. mortgage held by another party), or is not reporting on credit requires payment history to verify no late or missed payments in the most recent 24-month period
• Purchase transactions- 12 months rental history verification is required
• Rent-free borrowers are eligible for purchase transactions if:
o The borrower has not lived rent free for more than 6 months AND
o The borrower provides 12-months housing history prior to becoming rent free AND
o The borrower qualifies with the housing payment for the property being purchased
• If the verification of rent is from a private party, cancelled checks and/or bank statements are required
• Cancelled checks and/or bank statements are required for all private mortgages
• The first mortgage loan cannot be in any active deferment or forbearance period. Once the deferment or forbearance period has expired, a minimum of three-monthly payments at the current payment must be documented