Posted by Dave in Dallas on July 17, 2003 at 15:17:17:
I have seen this of late but still have lenders that have not required or ask for rent loss…conventional, conforming loans.Tell your broker to find out which ones don’t require and have him/her use those lenders to do your deals.
Rent loss policy requirement?!? - Posted by Jeff
Posted by Jeff on July 16, 2003 at 13:05:28:
My lender is telling me that I need a 6 month rent loss policy to cover all my rental properties, or they won’t underwrite the loan on a new rental I’m buying. They are claiming it is a Fannie/Freddie policy and that any lender I go to will not lend (or should not) unless your other properties are properly rent loss protected. Apparently this policy was enacted 1 January of 2003.
Anybody have any information on this true or false??
Re: Rent loss policy requirement?!? - Posted by Lisa
Posted by Lisa on July 16, 2003 at 21:30:57:
I just closed on a home last week and sitting at the closing table was informed they had to verify with my insurance company that I had 8 months rent loss protection. I never had that happen before although I believe I do have it on my other properties anyway. They are being very, very picky now-a-days on conforming loans. This is also the first time they actually requested my tax return from the IRS. I have extremely good credit (FICO scores 790-800), no consumer debt and fairly high income. I have never been so closey scrutinized before but eventually passed with flying colors.