Do you have less than perfect credit that stopped you from applying for a mortgage? Big changes are underway in the mortgage world that could open doors to home ownership for millions of renters with a positive rental history. Fannie Mae and Freddie Mac: the two government-backed enterprises that support roughly 70% of the US mortgage market, will now allow lenders to use VantageScore 4.0, an alternative credit scoring model to FICO. This update, announced by Bill Pulte, the director of the Federal Housing Finance Agency, means there is a deeper dive to your credit profile to be approved for a new mortgage, such as:
- Your on-time rent, and utility payments are counted as positive credit history
- This new scoring approach helps paint a more complete and fairer picture of a person’s financial responsibility.
Why This Matters for Marketplace Homes Renters
Are you ready to buy a home but feel stuck in your current lease? Marketplace Homes can help turn your positive rental history into the key that unlocks your new front door. Through our rental guarantee program, we help renters like you use your rental history to qualify for a mortgage on a beautiful new construction home. At the same time, our team will work directly with your landlord to explore lease options, so you can transition smoothly from renting to owning without unnecessary stress.
Ready to Start Your Home Buying Journey?
At least 5 million Americans can benefit from these changes, opening the door to homeownership for renters who might have been overlooked by traditional systems. If you’re currently renting with Marketplace Homes, looking to turn your positive rental history into a mortgage, or need help navigating your lease so you can purchase a new construction home, we’re here for you. Our team will guide you every step of the way to help you achieve your goals and make the transition from renter to homeowner as smooth as possible.
👉 Contact us today to learn how your positive rental history with Marketplace Homes can help turn your dream of owning a home into a reality.
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