Loading ...President Trump Federal Housing Director Bill Pulte allows Americans to use rent payments toward qualifying for a mortgage.
“It’s absurd that someone can have a history of $2200 a month for rent but they want to buy a home for $1750 a month and can’t.”
“Today, we allowed for RENT payments to COUNT toward qualifying for a MORTGAGE.”
https://x.com/EricLDaugh/status/1942906372300960252
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Trump administration allows rent history to factor into home purchases: ‘This is huge’
The move comes as FICO credit scoring has had an essential monopoly in the market. VantageScore 4.0 can now be considered when Americans seek to buy homes, and that scoring system can incorporate rent and utility payments.
Pulte thanked President Trump following the order.
“My ORDER today (thanks to my boss, POTUS) will allow for Americans to use their RENT to qualify for a mortgage,” Pulte said on X. “Credit history will no longer just include credit cards and loans. This is HUGE.”
But the rent does not count other expenses like property taxes, heating, electricity and that could easily mount to extra 1000 a month which is now
2750 and that may disqualify them.
Either does just the mortgage payment. Other people claimed their Vantage scores were far off from their FICO scores on sites like FICO or Creditboards. I never found there to be much difference at all but my reports were always clean and I adhered to what FICO would score highly.
Rents are annual contracts, at most.
Mortgages are longer term commitments.
To P47, add insurance which in FL is now much higher than before and often unavailable.
1 in 5 Americans have a car payment over $1000 per month , why add fuel to the fire ? Will renters suck mom & dad into a co sign and stick them with the bill down the road . Seems to be the trend in Canada with house prices dropping and bankers denying refi as the #’s no longer jive. Enough already, just stop leading more sheep to the slaughter.
I THINK THIS IS A BRILLIANT IDEA