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Trump administration Director of the Federal Housing Finance Agency (FHFA) Bill Pulte announced on Tuesday that the government-backed mortgage groups Fannie Mae and Freddie Mac will now allow rent payments to count towards potential homebuyers’ qualifying for a mortgage.
“My ORDER today (thanks to my boss, POTUS) will allow for Americans to use their RENT to qualify for a mortgage. Credit history will no longer just include credit cards and loans. This is HUGE,” Pulte wrote on X.
Lenders will now look at rent payments in buyers’ credit histories when evaluating home loan applications, which will provide a large boost for young Americans seeking to purchase their first homes.
Pulte noted, “It’s absurd that someone can have a history of $2200 a month for rent but they want to buy a home for $1750 a month and can’t.”
In addition to the major three credit bureaus previously used by Fannie and Freddie, the federal mortgage association will now take into consideration VantageScore credit ratings containing rental history.
Pulte pointed out the obvious victory is hardly being celebrated by mainstream media when prior administrations would have been widely praised by the press for such a move, writing, “Today, we allowed for RENT payments to COUNT toward qualifying for a MORTGAGE. If ‘Obama’ or ‘Biden’ did that (they didn’t), it would be nonstop news coverage. When President Trump does it, very few people report it. President Trump is THE transformational President.”
The news comes as mortgage demand experienced a decent bump this month with total mortgage application volume jumping nearly 10% last week compared with the previous week.
Home refinance applications are up 9% this week and 56% from last year while new home mortgage applications are up 9% for the week and 25% from the same week one year ago.
Now, with rental history helping hopeful home buyers qualify for home loans, the housing economy should experience another boost in the coming months.
“If you use Vantage and not just FICO, for the betterment of the American people and the consumer, you should get better pricing,” Pulte wrote. “It’s just math – predictive math.”
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