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Renters with thin credit histories may still qualify for a home loan under a Fannie Mae program that allows lenders to consider consistent, on-time rental payments when making lending decisions. Neither buyers nor lenders pay extra to use the new tool.<\/span><\/span><\/p>\n<\/div>\n WASHINGTON \u2013 The Federal Housing Finance Agency (FHFA) announced on Tuesday that Fannie Mae will consider rental payment history in risk assessment processes. The change should help renters with thin credit scores \u2013 usually a limited credit history because they may not use credit cards or charge purchases \u2013 qualify for a home mortgage.<\/span><\/span><\/p>\n If future borrowers have a strong rental payment history, Fannie Mae will allow its lenders to consider that history in their underwriting decision. There is no additional burden \u2013 either for the borrower or for the lender \u2013 to use this feature.<\/span><\/span><\/p>\n \u201cFor many households, rent is the single largest monthly expense. There is absolutely no reason timely payment of monthly housing expenses shouldn\u2019t be included in underwriting calculations,\u201d says Fannie Mae Acting Director Sandra L. Thompson.<\/span><\/span><\/p>\n \u201cWith this update, Fannie Mae is taking another step toward understanding how rental payments can more broadly be included in a credit assessment, providing an additional opportunity for renters to achieve the dream of sustainable homeownership,\u201d she adds.<\/span><\/span><\/p>\n\n