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Do You Need Verification Of Rent OR Mortgage On Bank Statement Loans
Do You Need Verification Of Rent OR Mortgage On Bank Statement Loans?
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Depending on the financial institution’s rules, bank statement loans might require rent or mortgage verification. Basically all non-qm loans require verification of rent or mortgage. It can be waived if you do not have VOR or VOM. Lenders use this confirmation to review payment history and ensure that borrowers have been paying their rent or mortgage regularly. However, what is required varies; some lenders may waive it if other compensating factors exist, like a higher down payment or excellent credit. Therefore, always ask the lender what is needed for bank statement loans.