with a history of at least two years.” I was silent as I saw my homebuying dreams evaporate. After an unduly long pause she said, “But there is a workaround.” I perked up. “We will consider alternative sources of credit such as phone bills or utility bills.”
GETTING CREDIT That sounded reasonable, but my mind was racing. My phone bill was a slam dunk. I’ve been with Verizon for many years now and always paid my bill on time. But the fourth source was going to be tricky. Until 14 months ago, I had always sublet in New York or lived abroad. That means I hadn’t had a lease or utility bill in my name for longer than 14 months. Sadly, even at 29 years old, the best I could do was provide 14 months of phone, electric and rent bills. If you add them
up, it was 42 months of alternative credit sources—that, and my will to purchase and not give up, would have to do. Although I had already submitted so many documents, I made a second package with copies of my lease, a letter from my landlord, a payment bills from Verizon, Orange and Rockland and 12 months’ rent checks. This time I wanted to meet my loan officer in person, hoping, naively, that meeting me would tilt the scale in my favor. To Be Continued...
Ann Zeilingold, NMLS # 41850 is the Vice President and Branch Manager of FM Home Loans in Pomona, NY. FM Home Loans is a direct lender, licensed in NY, NJ, FL and CT. She has been originating residential mortgages for 27 years. She has recently published a book, which is a must-read for any prospective homebuyer, The Homebuyer’s Companion. Ann grew up in Monsey, and she currently lives in Wesley Hills with her husband and children.
Find Ann’s real estate column weekly in The Monsey View.
Ann Zeilingold Vice President
FM Home Loans 1609 Route 202 Pomona, NY 10970
Office: 845-354-9700 Mobile: 914-260-9000 ann@annzeilingold.com
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