TRENDING
Updated Analysis on Positive Rental History
Since October 30, 2022, positive rental history has been
included as an element of the Federal Housing
Administration’s Technology Open to Approved Lenders
(TOTAL)
Mortgage Scorecard, and since March 25, 2023, HUD has
required lenders to report it. This change is helping to
increase credit access for first-time homebuyers with a
demonstrated history of on-time rent payments that often are
not recorded by credit bureaus. Because of this change, by
the end of August 2024, 6,060 endorsements were accepted
through TOTAL that otherwise would have required manual
underwriting. On average, these borrowers were more likely
to be first-time homebuyers, have lower annual incomes, and
be Black or female.
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IN PRACTICE
Historic
YWCA Building Garners Support in Boston's Wealthiest
Neighborhood
Located in Boston’s wealthy Back Bay neighborhood, the
13-story 140 Clarendon building, which formerly housed a
budget hotel with 66 units, a 118-unit mixed-income
apartment complex, and offices for cultural and educational
organizations, has been redeveloped by Beacon Communities
Development into 210 units of permanent affordable housing.
The development includes permanent supportive housing for
individuals who previously experienced homelessness and 99
units for families earning no more than 50 percent of the
area median income.
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