If you've been paying rent on time for years, that history can matter when you buy a home.
Lenders want to see that you can handle a monthly housing payment. A steady record of on-time rent helps show that, especially if you don't have much credit history. Some lenders and loan programs can look at rent payments as part of your application, and some rent-reporting services can add your rent payments to your credit report.
Your small step
Start keeping proof of your rent payments, like bank statements, canceled checks, money order receipts or your payment app history. Keep at least the last 12 months in one folder.
Want help with your next step? Summerrain Realty Group walks first-time buyers through every step in plain language. Request a free consultation or call 585-364-4663.
General education only, not legal, tax or lending advice. Program rules vary; ask your lender, attorney or program office about your situation.