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Question
wanting to know what does the underwriter need to see in ones paperwork to not request a VOR. does negative info from vor keep one from getting mortgage loan?
Derrik,
A verification of rent is needed on most loans. The only real way around it is providing 12 months of cancelled checks showing that the rent was paid. As far as negative info keeping you from getting a mortgage....it depends on how negative the information is. If you were over 30 days late numerous times, it may keep you from getting a loan. If you were 5 days late a couple of times, probably not.
Hope this answers your question.
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This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
Answers by Expert:
Jim Hoepf
Expertise
I have a diverse background that allows me to answer questions regarding underwriting, collections and industry changes.
Experience
I have 18 years of experience in the industry. I have an extensive underwriting background that allows me to have a greater understanding of how to properly structure a loan for approval. I have been cohost of the local radio show Real Estate Matters for the last four years. I have owned and operated my own brokerage firm for the last 10 years. Along with originating and underwriting I have also handled mortgage delinquency and the foreclosure process.
Education/Credentials
BS in Business Administration from Bluffton University. I have also participated in numerous underwriting workshops put on by Fannie Mae and lenders in the Phoenix area.
Awards and Honors
Broker of the year for Arizona with Homeside Lending.
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