July 9, 2025 • 6 mins
Big changes are coming to homeownership under the Trump administration, and they could be a game-changer for first-time buyers. In a conversation with Heartland Home Mortgage’s Dave Galloway, we break down the new policy allowing rent payments to count toward mortgage qualification—finally rewarding financial responsibility without requiring credit card debt. Backed by housing advisor Bill Pulte, this move aims to open the doors for more Americans, especially younger buyers and those following debt-free principles like Dave Ramsey's. We also touch on the possible privatization of Fannie and Freddie, how new scoring models could simplify loan approvals, and why down payment assistance programs are making homeownership more accessible than ever. Whether you're buying your first home or refinancing, Dave offers practical insights on rates, smart lending strategies, and why now might be the perfect time to make your move.
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Kirk Elliott PHD - FREE consultation on wealth conservation - http://GoldWithJustin.com
Join Justin in the MAHA revolution - http://HealthWithJustin.com
Try Cue Streaming for just $2 / day and help support the good guys https://justinbarclay.com/cue
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Her good friend Dave Galloway about this from Heartland Home Mortgage.
Trump administration just announcing that rent payments will now count
toward qualifying for a mortgage. Poulty, Oh, I don't know
if you're familiar with but he's the he's a US
Director of Federal Housing billionaire type and he's a he's
(00:21):
a housing guys from the private sector, done quite a bit.
And I used to follow this guy because I just
liked what he used to used to give away money online.
He just loved these like positive, feel good stores, and
that's an interesting guy. So it's really interesting to see
him serving in that capacity now. I want to talk
about what that looks like, maybe for you and for
others who are looking to buy homes, and maybe even
(00:41):
some of those folks the younger generation, first time home buyers, etcetera.
Speaker 2 (00:45):
Dave welcome ed, thanks for having me, my friend. How
are you?
Speaker 1 (00:49):
Let's break this down fantastic, you know, I think and
I kind of wonder why this wouldn't have counted in,
you know, previously anyway, but rent doesn't count towards your
credit score or your ability to get a mortgage, and
if you've got a solid history of being able to
show that, look, I pay rent already. Should that help?
(01:12):
I think it's a fascinating question.
Speaker 2 (01:15):
Yeah, I mean it has affected the ability to lend
in certain ways. We have programs that will allow you
to produce rental history as far as for qualifying, but
from a scoring model, there are so many programs out there,
Fanny and Freddie as well that you just can't get
a score by going and getting your rent history right
(01:35):
and even adding that to the credit bureau doesn't affect
the score. Now this new score advantage model that they're
coming up, but that's what this allows you to do.
And because it's sent that message, well, if you don't
go rack up credit and you can't get a credit score,
that can really send an irresponsible tone.
Speaker 1 (01:53):
Right.
Speaker 2 (01:53):
It's like, hey, I don't want to rack up debt,
but I do want to borrow money for a home
and so there is almost a disadvantage there for being
responsible with your money. So this is a situation where
you're going to be able to use some of those
ways that maybe you paid rent that will now affect
the score and help you with your ability to borrow
and get a home loan.
Speaker 1 (02:12):
You know, that's something I never even thought about people
that that didn't want to rack up a credit, cause
this is a tough out. The Dave Ramsey people, this
is this is something that that will help them, and
it sounds like it'll it'll go a long way. Now,
what does that do to the housing I guess we'll
see market and home prices and things like that. In
places like Florida, we've seen the prices come down a bit.
(02:35):
I'm sure you have some thoughts on this as Heartland
Home Mortgage, by the way, operates not just here back
home in Michigan, but they've got offices in Florida as well,
because we can know we've got so many people that
are that are back and forth. But but we know
here in West Michigan seems like anyway, prices have stayed
pretty I've had a couple of homes of selling in
my neighborhood that seem to be doing pretty well.
Speaker 2 (02:57):
Yeah, I mean, especially from a first time home buyer
PERSPECTI to like those starter homes. They're really tough to find.
You have to be on your game when you're making
that offer, and this obviously helps helps those new borrowers
that haven't had a home loan, get more on stable ground.
The other thing it does is if you've ever had
trouble with all these bureaus, you may have you know,
(03:18):
there's three reporting agencies, and you may have a debt
that you needed to fix that was reporting wrong or
something like that. Trying to get all three bureaus on
the same page and report that correctly can be a pain.
This score advantage, from what we're seeing, it should help
eliminate some of that frustration. Now it's very new to
the market, but it is big news that, you know,
(03:39):
Fanny and Freddie, which is conventional financing. Fanny and Freddie
both are going to recognize that scoring model because that's
the big first step you have to get before that
has any credibility. And the other part of that, like
you mentioned with Poulti, is you know he's tied in
with Trump, you know, tight, and they're looking I don't
know if it's going to happen, but they really want
to get Fanny and fred already out of government conservatorship,
(04:02):
you know, privatize it again, you know eighth nine, you know,
government kind of took it over, and so that could
lend itself to some some pretty big advantages too.
Speaker 1 (04:10):
Dave anything big you see coming up in the horizon
right now, you're keeping your eyes on. We only got
a few minutes left, but I thought maybe we'd just
give you a chance to to dive into anything that
you see on the horizon. Folks may want to keep
in mind in an eye on.
Speaker 2 (04:24):
Yeah, I think just keeping an eye on what rates
are doing. Obviously we talked a ton about that. That's
in the news every day, and I think it's it's
not it's not a matter of if it's when. Obviously
Trump keeps putting, keeps putting a lot of pressure on
Powell and the Fed to making a move there, and
the you know, the his support is growing too with
how many people are you know, agreeing with that sentiment,
(04:45):
and so keeping an eye on these you know what
these tariffs are doing. But a big thing right now
is down payment assistance. We're seeing more and more programs
come up where if you have you know, good credit,
you're making good money, you and you have a job
and you just haven't put that down payment away. We
do have several programs that are allowing a one percent
or even giving you that down payment assistance grant. So
(05:07):
those are some of the bigger things. And then I
would tell anybody that thinks they need a wait longer
at rates. If you close down a loan in the sevens,
and you know right now might be a great time
to look at even a fifteen year because fifteen year
rates can get you down into the fives and obviously
pay that home off a lot sooner.
Speaker 1 (05:24):
That's an interesting thought. Well, look, here's the thing. You know,
all of these things that you want to make sure
you get good advice called Dave get on the phone
Heartland Home Mortgage HHM lending dot com. Not only do
they partner and sponsor the program, but Dave gives the
excellent advice. And he'll tell you that. People tell me
multiple times, so you know they've Dave was able to
(05:45):
help me, or Dave said they couldn't help me now,
but here's what he suggested to do, and to point
you in the right direction to Dave. I think that's
what people love. They can trust and always reach out
to you guys for great information and willing to go
the extra mile faster, better than the big banks. As
I always say, we know so many people listen to
this program and have saved thousands every time they work
with you, guys, and we just appreciate you being a
(06:06):
part of the program and a partner here all.
Speaker 2 (06:10):
Right, Appreciate everything you do and all your listeners as well.
Speaker 1 (06:13):
We'll stay up to date, stay in touch, and of
course we'll talk more with Dave in the in the
near future. So much
Her good friend Dave Galloway about this from Heartland Home Mortgage.
Trump administration just announcing that rent payments will now count
toward qualifying for a mortgage. Poulty, Oh, I don't know
if you're familiar with but he's the he's a US
Director of Federal Housing billionaire type and he's a he's
(00:21):
a housing guys from the private sector, done quite a bit.
And I used to follow this guy because I just
liked what he used to used to give away money online.
He just loved these like positive, feel good stores, and
that's an interesting guy. So it's really interesting to see
him serving in that capacity now. I want to talk
about what that looks like, maybe for you and for
others who are looking to buy homes, and maybe even
(00:41):
some of those folks the younger generation, first time home buyers, etcetera.
Speaker 2 (00:45):
Dave welcome ed, thanks for having me, my friend. How
are you?
Speaker 1 (00:49):
Let's break this down fantastic, you know, I think and
I kind of wonder why this wouldn't have counted in,
you know, previously anyway, but rent doesn't count towards your
credit score or your ability to get a mortgage, and
if you've got a solid history of being able to
show that, look, I pay rent already. Should that help?
(01:12):
I think it's a fascinating question.
Speaker 2 (01:15):
Yeah, I mean it has affected the ability to lend
in certain ways. We have programs that will allow you
to produce rental history as far as for qualifying, but
from a scoring model, there are so many programs out there,
Fanny and Freddie as well that you just can't get
a score by going and getting your rent history right
(01:35):
and even adding that to the credit bureau doesn't affect
the score. Now this new score advantage model that they're
coming up, but that's what this allows you to do.
And because it's sent that message, well, if you don't
go rack up credit and you can't get a credit score,
that can really send an irresponsible tone.
Speaker 1 (01:53):
Right.
Speaker 2 (01:53):
It's like, hey, I don't want to rack up debt,
but I do want to borrow money for a home
and so there is almost a disadvantage there for being
responsible with your money. So this is a situation where
you're going to be able to use some of those
ways that maybe you paid rent that will now affect
the score and help you with your ability to borrow
and get a home loan.
Speaker 1 (02:12):
You know, that's something I never even thought about people
that that didn't want to rack up a credit, cause
this is a tough out. The Dave Ramsey people, this
is this is something that that will help them, and
it sounds like it'll it'll go a long way. Now,
what does that do to the housing I guess we'll
see market and home prices and things like that. In
places like Florida, we've seen the prices come down a bit.
(02:35):
I'm sure you have some thoughts on this as Heartland
Home Mortgage, by the way, operates not just here back
home in Michigan, but they've got offices in Florida as well,
because we can know we've got so many people that
are that are back and forth. But but we know
here in West Michigan seems like anyway, prices have stayed
pretty I've had a couple of homes of selling in
my neighborhood that seem to be doing pretty well.
Speaker 2 (02:57):
Yeah, I mean, especially from a first time home buyer
PERSPECTI to like those starter homes. They're really tough to find.
You have to be on your game when you're making
that offer, and this obviously helps helps those new borrowers
that haven't had a home loan, get more on stable ground.
The other thing it does is if you've ever had
trouble with all these bureaus, you may have you know,
(03:18):
there's three reporting agencies, and you may have a debt
that you needed to fix that was reporting wrong or
something like that. Trying to get all three bureaus on
the same page and report that correctly can be a pain.
This score advantage, from what we're seeing, it should help
eliminate some of that frustration. Now it's very new to
the market, but it is big news that, you know,
(03:39):
Fanny and Freddie, which is conventional financing. Fanny and Freddie
both are going to recognize that scoring model because that's
the big first step you have to get before that
has any credibility. And the other part of that, like
you mentioned with Poulti, is you know he's tied in
with Trump, you know, tight, and they're looking I don't
know if it's going to happen, but they really want
to get Fanny and fred already out of government conservatorship,
(04:02):
you know, privatize it again, you know eighth nine, you know,
government kind of took it over, and so that could
lend itself to some some pretty big advantages too.
Speaker 1 (04:10):
Dave anything big you see coming up in the horizon
right now, you're keeping your eyes on. We only got
a few minutes left, but I thought maybe we'd just
give you a chance to to dive into anything that
you see on the horizon. Folks may want to keep
in mind in an eye on.
Speaker 2 (04:24):
Yeah, I think just keeping an eye on what rates
are doing. Obviously we talked a ton about that. That's
in the news every day, and I think it's it's
not it's not a matter of if it's when. Obviously
Trump keeps putting, keeps putting a lot of pressure on
Powell and the Fed to making a move there, and
the you know, the his support is growing too with
how many people are you know, agreeing with that sentiment,
(04:45):
and so keeping an eye on these you know what
these tariffs are doing. But a big thing right now
is down payment assistance. We're seeing more and more programs
come up where if you have you know, good credit,
you're making good money, you and you have a job
and you just haven't put that down payment away. We
do have several programs that are allowing a one percent
or even giving you that down payment assistance grant. So
(05:07):
those are some of the bigger things. And then I
would tell anybody that thinks they need a wait longer
at rates. If you close down a loan in the sevens,
and you know right now might be a great time
to look at even a fifteen year because fifteen year
rates can get you down into the fives and obviously
pay that home off a lot sooner.
Speaker 1 (05:24):
That's an interesting thought. Well, look, here's the thing. You know,
all of these things that you want to make sure
you get good advice called Dave get on the phone
Heartland Home Mortgage HHM lending dot com. Not only do
they partner and sponsor the program, but Dave gives the
excellent advice. And he'll tell you that. People tell me
multiple times, so you know they've Dave was able to
(05:45):
help me, or Dave said they couldn't help me now,
but here's what he suggested to do, and to point
you in the right direction to Dave. I think that's
what people love. They can trust and always reach out
to you guys for great information and willing to go
the extra mile faster, better than the big banks. As
I always say, we know so many people listen to
this program and have saved thousands every time they work
with you, guys, and we just appreciate you being a
(06:06):
part of the program and a partner here all.
Speaker 2 (06:10):
Right, Appreciate everything you do and all your listeners as well.
Speaker 1 (06:13):
We'll stay up to date, stay in touch, and of
course we'll talk more with Dave in the in the
near future. So much
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