Easier Homeownership Access: Rent Payment History for Mortgage Eligibility.
This new act aims to make homeownership more accessible for individuals with a history of timely rent payments. Landlords with federally backed mortgages can report positive rent payment histories to credit bureaus, potentially helping tenants build better credit scores and improve their chances of buying a home.
Key points
Landlords with federally backed mortgages can report tenants' positive rent payments to credit bureaus.
Positive rent payment history will be considered when applying for mortgage insurance.
Administrative costs for reporting rent payments will be covered by financial enterprises.
Status:
Introduced
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