{"id":742,"date":"2015-02-16T15:40:20","date_gmt":"2015-02-16T15:40:20","guid":{"rendered":"http:\/\/teammovemortgage.com\/2015\/02\/16\/no-rent-history-living-with-parents-or-family-we-have-solutions\/"},"modified":"2020-07-13T22:37:26","modified_gmt":"2020-07-13T22:37:26","slug":"rent-free-mortgages-options","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/rent-free-mortgages-options\/","title":{"rendered":"Rent Free?  Living With Parents or Family?  We Have Solutions!"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-839 size-medium\" src=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/02\/young-adult-driving-away-from-home-300x177.jpg\" alt=\"Rent free? No rental history or living with family? There are lending options!\" width=\"300\" height=\"177\"><\/p>\n<h2>Rent Free Options Explained<\/h2>\n<p>It is very popular these days for people to move back in with parents. &nbsp;Additionally, many even live with other family members or friends. &nbsp;Therefore these buyers cannot prove an on-time housing history. &nbsp;This is called a &#8220;rent free&#8221; scenario. &nbsp;A recent blog posted by the National Association of Home Builders called &#8220;More than half of young Millennials move back in with parents&#8221;, states 90% of those born between 1980 and 1984 left home before the age of 27 &#8211; but then more half returned to their parents&#8217; homes.&nbsp; <span style=\"text-decoration: underline;\"><a href=\"http:\/\/nahbnow.com\/2015\/02\/more-than-half-of-young-millennials-move-back-in-with-parents\/?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=mmb0216\" target=\"_blank\" rel=\"noopener noreferrer\">Read the entire article here<\/a><\/span>.<\/p>\n<p>All mortgage products allow for a prospective buyer to purchase a home without rental history. &nbsp; Although this assumes the borrower has enough compensating factors to support approval.&nbsp; So when there is a rent free scenario, a solid credit history is important. &nbsp;Higher credit scores help too.&nbsp; This doesn&#8217;t mean someone needs perfect credit to qualify though. &nbsp;But it does help tremendously to have 12 months of on-time rent history.<\/p>\n<p style=\"text-align: center;\"><strong>Programs available for rent free buyers:<\/strong><\/p>\n<p>There are several programs where prospective buyers can have no housing history. &nbsp;Additionally these programs offer very low to no down payment as well. &nbsp;Click each to learn more about the programs available<\/p>\n<ul>\n<li><a href=\"http:\/\/teammovemortgage.com\/usda\" target=\"_blank\" rel=\"noopener noreferrer\">USDA<\/a> &#8211; allows up to 100% financing<\/li>\n<li><a href=\"http:\/\/teammovemortgage.com\/va-loan\" target=\"_blank\" rel=\"noopener noreferrer\">VA <\/a>&#8211; allows up to 100% financing to veterans, active military, or qualifying surviving spouse<\/li>\n<li><a href=\"http:\/\/teammovemortgage.com\/fha\" target=\"_blank\" rel=\"noopener noreferrer\">FHA <\/a>&#8211; as little as 3.5% down payment which can be a gift from a family member<\/li>\n<li>My Community Mortgage &#8211; 3% down payment which may be a gift from a family member<\/li>\n<li><a href=\"http:\/\/teammovemortgage.com\/down-payment-assistance-nc-sc\/\" target=\"_blank\" rel=\"noopener noreferrer\">Down Payment Assistance products <\/a>&#8211; interest &amp; payment free for first time or move up buyers<\/li>\n<\/ul>\n<h3 style=\"text-align: center;\">Suggestions for documenting rental history if applicable:<\/h3>\n<p>If a borrower has limited credit, rent history may be required for approval. &nbsp;Plus if paying rent, it is always best to pay rent on-time and by check.&nbsp; Always make sure that the landlord cashes the rent check in a timely manner. &nbsp; Because lenders go by the date the check cleared the bank rather than the date it was written.&nbsp; Paying by check would provide proof of payment in a dispute. &nbsp;Furthermore, when renting from an individual, cancelled checks could be required.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rent Free Options Explained It is very popular these days for people to move back in with parents. &nbsp;Additionally, many even live with other family members or friends. &nbsp;Therefore these buyers cannot prove an on-time housing history. &nbsp;This is called a &#8220;rent free&#8221; scenario. &nbsp;A recent blog posted by the National Association of Home Builders [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":839,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,24,33,17,40,41,48],"tags":[6,240,25,26,27,29,30,31,32,9,241,242,10,243,11,13,244,20,42,43,44,45,46,47,49],"class_list":["post-742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1st-time-buyers","category-fha","category-frequently-asked-questions","category-products","category-tips","category-usda","category-va-loans","tag-down-payment-assistance","tag-down-payment-gift","tag-fha","tag-fha-guidelines","tag-fha-home-loans","tag-fha-loan-requirements","tag-fha-loans","tag-fha-purchase","tag-fha-rates","tag-first-time-buyers","tag-gift-from-family","tag-gift-funds","tag-homebuyers","tag-living-with-family","tag-low-down-payment","tag-mortgage-faqs","tag-rent-free","tag-team-move","tag-usda","tag-usda-home-loan-updates","tag-usda-home-loans","tag-usda-rural-development","tag-usda-rural-development-guidelines","tag-va-home-loans","tag-va-requirements"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Living Rent Free? 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