Priscilla Almodovar, CEO of the housing financing agency Fannie Mae, was recently quoted by CNBC about the housing difficulties of people who haven’t interacted with the credit system. She referred to them as “credit invisible.” Almodovar pointed out that being credit invisible “impacts people who want to buy a home...” What she did not address is that credit invisible people who are looking to rent a home also face the same roadblocks. Additionally, landlords are increasingly encountering applicants with non- traditional income sources, such as freelancers, gig workers, students, recent graduates, and non-citizens with limited credit histories. Renting to such non- traditional applicants, including those without a Social Security Number (SSN) or established credit history, requires a different approach but can provide access to a valuable pool of tenants. Here’s a guide to effectively renting to these unconventional applicants. HOW TO RENT TO THE CREDIT INVISIBLE AND NON W-2 APPLICANTS
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