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What is housing history in mortgage underwriting?
Housing history, in mortgage underwriting, is a borrower's record of making housing payments, such as rent or mortgage payments, over a recent period. Lenders review it to see whether the borrower has paid on time, and the amount and type of documentation required depends on the program and scenario.
Mortgage payments usually show on the credit report. Rent often doesn't, so it may be documented with a verification of rent (VOR), canceled checks or bank statements. Late payments are written as shorthand: 0x30x12 means no 30-day late payments in the last 12 months.
Some borrowers have no housing history, for example someone living rent-free with family. Programs treat that differently, and it can affect eligibility or terms.
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