Norrell Devohn Casey

According to a Fannie Mae Borrowers who pay rent on time will find it easier to qualify for a mortgage with Fannie Mae, if you pay rent electronically they will use those payments as part of your creditworthiness.

“Many renters believe they will never be able to buy their own home because of insufficient credit. We can responsibly expand mortgage eligibility by including positive rent payment history in underwriting risk assessments,” said Hugh R. Frater, Chief Executive Officer, Fannie Mae. “We believe this will be the first time any large-scale automated mortgage underwriting system will leverage electronic bank statement data to consider positive rent payment history. It is but one important step in correcting the housing inequities of the past, creating a more inclusive mortgage credit evaluation process going forward, and encouraging the housing system to develop new ways of safely assessing and determining mortgage eligibility in order to fairly serve all potential homeowners. We look forward to working with our industry partners to do what we can together to address this and other barriers to homeownership.” How do you think this information will impact your ideas about 🏡 ownership?

I wanna thank the presenters, vendors, sponsors and community partners for hosting the TownCONNECT Community Wealth Building Day at the yesterday. I soaked up a lot of knowledge and look forward spreading the knowledge to help others on the Journey to become future home owners. It's definitely not impossible when working with the right people.