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I have a tenant not paying, under contract new house
So I am under contract buying a new primary residence , and I have a couple rental properties. At one of my properties (a duplex) the tenant didn’t pay January , February, and probably won’t pay March. I live in Oregon so the law right now is if they applied for assistance you can’t evict for non payment of rent. She did apply for assistance.. no word yet if it was approved or not. Anyways, I didn’t even notice until recently she wasn’t paying and my dream home came available and I got a pre approval and it’s under contract. Now that I realized she hadn’t paid in a couple months , will the lending fall through ? The income from that rental was factored into me qualifying for the new home.
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#2 Private Lending & Conventional Mortgage Advice Contributor
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- Boise, ID
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#2 Private Lending & Conventional Mortgage Advice Contributor
- Investor
- Boise, ID
You need to ask your lender- keep it hypothetical at first. Typically lenders want a copy of your lease and recent bank account statements- underwriters may or may not try to match up deposits with your leases.
That said- here in Idaho we have applied for assistance on behalf of our tenants on more than one occasion and the process has been really swift and simple. You might reach out to whoever is distributing those funds locally and ask about your tenant's application. I don't see why they wouldn't share details and the timeline with you.
Best of luck!
- Corby Goade