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VOR and FICOVOR and FICO
Irey said: "What is the affect of a VOR on a FICO score? Also, why and how are they used to boost a profile for getting a home loan. Can this be used for car loans too?"
David said: "[QUOTE=Irey]What is the affect of a VOR on a FICO score? Also, why and how are they used to boost a profile for getting a home loan. Can this be used for car loans too?[/QUOTE]
Can a whatta on a whozits do hu?
whats a VOR?"
94B10 said: "I beleive it means Verification of Rents. Its when a borrower has never owned a home and has been renting. Payment history maybe requested from propwert management company or 12 months of cancelled checks. most lenders will not permit private property landlords to complete written VOR. hope this helps David."
David said: "[QUOTE=94B10]I beleive it means Verification of Rents. Its when a borrower has never owned a home and has been renting. Payment history maybe requested from propwert management company or 12 months of cancelled checks. most lenders will not permit private property landlords to complete written VOR. hope this helps David.[/QUOTE]
Like in a rent to own situation."
rapidanian said: "Verification of Rent is simply that. It can come from a private or institutional source. Institutional VORs are normally preferred in mortgage lending. Private VORs might be accepted, but they often much also be accompanied by copies of cancelled checks or receipts or copies of whatever the form of payment was....paying cash for rent is normally not good as it is hard to track.
VORs are requested by lenders in addition to your good credit and do not NORMALLY work as a substitute for established trade lines. Some sub-prime lenders will accept alternate trade lines such as utility bills, insurance and buy here pay here car loans AND VOR. But, you still need to have credit scores. Its hard to get a loan without scores-except for something like FHA.
I can't speak for car loans-I only do mortgages."