Hi All, I need your help and advice! Suppose to be closing in 14 days.  Oh no!

The underwriter is tentatively denying our jumbo loan request due to lack of rental history.  We are currently renting a house from family and because of that we did not pay on a set schedule. Sometimes checks were paid monthly, other times bimonthly, but we can show rent was paid for the 12 months.  We didn’t pay “on-time” or on a set schedule, not because it was for a lack of funds, but because it was family and they didn’t care when the checks were paid out. Despite this explanation, the lender/underwriter is saying this doesn’t show a history of timely rent payments.

We have great income $260k, 760+ credit scores, 30k in student loans (paid on time), and no other debts. We are putting 20% down, with six months of reserves to boot.  Our mortgage broker calls our financial status A++, and is trying to find a solution to this unique situation. This is the only “road-block” preventing the loan from going through!

Need help!


Walnut Creek, CA

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Filed under: Real Estate

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