CAR congratulates Fannie Mae for taking rental payment history into account when taking out loans
LOS ANGELES, August 11, 2021 / PRNewswire / – CALIFORNIA REAL ESTATE AGENTS ASSOCIATION® (CAR) President Dave Walsh issued the following statement in response to Fannie Mae’s announcement that she will consider lease payment history when taking out loans for buyers.
“Real estate agents in California® applaud this change to Fannie Mae’s automatic subscription system, which will open the door to homeownership for thousands of Californians. Rent payments are often the most important open payment history for non-owners and can be a good indication of creditworthiness. In fact, according to CAR’s 2021 tenant survey, 73% of renters said home ownership was important to them and cited credit scores, in addition to the down payment, as a limiting factor. major.
“For years, CAR has advocated for the use of alternative credit ratings and for more ways to identify creditworthy buyers. The steps taken today by Fannie Mae and its regulator, the Federal Housing Finance Agency, are a positive step in this direction.
Open the way…® in California real estate for over 110 years, the CALIFORNIA ASSOCIATION OF REAL ESTATE AGENTS® (www.car.org) is one of the largest state trading organizations in United States, with more than 200,000 members, dedicated to the advancement of professionalism in real estate. CAR is headquartered in Los Angeles.
THE SOURCE CALIFORNIA ASSOCIATION OF REAL ESTATE AGENTS® (CAR)