This will open up more opportunities for potential home buyers.
KILLEEN, Texas — If you’re looking to buy a home and might not have enough credit, help is on the way.
All major credit bureau and mortgage buyer Fannie Mae recently announced they’ll allow rent payments to count toward credit and loans.
This means if you have a history of on-time rent payments, they can be factored into your credit decision and help you buy the home you’ve been wanting.
Arri Price, the founder of Price Realty Group, was excited when this news broke. Dealing with a number of clients, she says she is always looking for ways to help traverse setbacks.
“We have people calling us every day saying hey, we want to get into this home,” Price said. “People just don’t know what to do to make this step to make their rent actually count.”
Ironically, she was recently able to help a client make their dream come true by making their rent count.
Price had been dealing with a teacher in Central Texas who was bouncing from home to home looking to buy but couldn’t quite get over the hump.
She did however have a good history of paying rent on time and as a result, was able to recently buy a home after proving her reliability.
“Right now we’re already in the process of getting all of her payments done from her history, which is really cool because she was able to keep a good relationship with her landlord because she paid everything on time.”
So now, it’s a little easier to buy a home if you have a record of on-time rent payments. Price says that in the long run the new policy will help her and her team achieve their ultimate goal.
“It’s literally just a huge step amongst the goal. I tell everyone like, the goal is always homeownership. The only thing that changes from person to person is to journey take to get there.”
If you or someone you know is looking to buy a home and needs assistance, Price can be reached at 254-312-1100.