Which bucket do you assess when verifying a member's rent payment history?

When verifying a member's rent payment history, the appropriate bucket to assess is readiness. This stage focuses on determining whether the member is prepared to transition into homeownership, which includes assessing their financial behaviors and habits. A steady and positive rent payment history is a strong indicator of a member's reliability and readiness to take on a mortgage payment. It reflects responsible financial behavior and suggests that the individual can manage their housing costs effectively.

By examining the rent payment history, practitioners gain insights into the member's ability to consistently meet monthly obligations, which is crucial for ensuring that they are ready for the added responsibilities of home ownership. Readiness encompasses various factors, including creditworthiness, financial stability, and past payment behaviors, all of which play an integral role in determining whether a member is in a suitable position to purchase a home.