how do you get around this when a lender is asking for VOR(verification of rents)?

provide cancelled checks. Or if they have a bad rent history run them thru someone who doesnt ask for verification of rent. DO will usually not ask for it. I know alot of subprime lenders also do not ask for it. I like using First Franklin in cases like this. Some sub prime lenders will waive this also as long as the fico is above 600. It all depends on the lender.

the lender is a sub prime bank
buyer has a 700+ fico
buyer is living with parents so he doesnt have any rent history
stated doc

You can also choose a lender that will only require a VVOR [Verbal Verification Of Rent] or PPVOR [Private Party Verification Of Rent] rather than a VOR through a property management.

FYI, most lenders will require that the person verifying the rental history doesn't have the same last name as the borrower.

Yes, there are many Subprime lenders that will not ask for it.

Alvin,

With those scores and what you mentioned before... try looking into Countrywide. They currently have a program that requires no VOR or Income Documentation. We recently closed a similar deal last month.

Good Luck,

First Franklin
Delta Funding
US Bank
GMAC if you explain

All dont need a VOR

From an underwriter's point of view:
As long as you are not trying to get an Interest Only program on a stated deal, any subprime lender will most definitely waive the requirement for VOR, especially with a score of 600 or above. That's only if the borrower has truely been living with parents, or has legitimate reason for not providing a VOR

First off, why would this loan be going to a subprime lender with scores of that nature? Are there lack of tradelines on the credit report. The above responses are correct as well as a rent free letter from parents if the guidelines allow it. It sounds like the originator of the loan didn't do their homework prior to submitting it to the lender. Unless I am missing something it sounds like another loan officer that doesn't know what they are doing by placing a client with a loan that is not the most advantageous to the borrower.