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FHA LOAN QUESTION

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Anonymous
Not applicable

FHA LOAN QUESTION

I have a old installment loan that is about 3yrs old that is still to this day reporting as written off, its only 150.00. Now if I paid that it would make the date of recent activity current, would that effect getting a FHA loan since they dont like recent deliquencies?
Message 1 of 49
48 REPLIES 48
Anonymous
Not applicable

Re: FHA LOAN QUESTION

They want 2 years clean.

I don't think this would be a deal breaker-
Message 2 of 49
Anonymous
Not applicable

Re: FHA LOAN QUESTION

great
 
Message 3 of 49
Anonymous
Not applicable

Re: FHA LOAN QUESTION

What are the Fico score requirements for FHA?
Message 4 of 49
Ljeen
Valued Member

Re: FHA LOAN QUESTION

Ahh I heard from many that it is 12 to 24 months.  Come next summer I'll be a few month's passed my one year clean mark.  This is the dream of a lifetime come true to apply for an FHA mortgage.  If its definitely 2 years without a doubt I'll just have to throw myself out of a window.  I cannot spend another summer where I live now.
Message 5 of 49
Anonymous
Not applicable

Re: FHA LOAN QUESTION

I've heard its 2 years clean history
Message 6 of 49
Ljeen
Valued Member

Re: FHA LOAN QUESTION

It's insane.  If someone has a clean record for 2 years then their scores should be really good.  No need to try to qualify for an FHA loan. I don't understand.  I've had several bankers tell me it's at least a year of no lates.
Message 7 of 49
Anonymous
Not applicable

Re: FHA LOAN QUESTION



Ljeen wrote:
It's insane.  If someone has a clean record for 2 years then their scores should be really good.  No need to try to qualify for an FHA loan. I don't understand.  I've had several bankers tell me it's at least a year of no lates.


relax   I was just told that it is one year.  And if you have something within that year, you may have to have a good explanation.
Message 8 of 49
ShanetheMortgageMan
Super Contributor

Re: FHA LOAN QUESTION

1 year of clean credit history unless you get approved via automated underwriting, then no explanations required.   More than 50% of FHA loans do not get approved in automated underwriting though, and subsequently need to be manually underwritten.  In manual underwriting most derogatories need to be explained.
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 9 of 49
ejay63
Established Member

Re: FHA LOAN QUESTION

I recently applied for FHA loan and they requested Letters of Explanation for two derogotories.  Once I provided that along with a Budget Sheet, I received Loan Documents.  They are now asking for 2 months Banks Statements.  My question is, when and at what point is it determined you can be funded? And at what point in the process, can it be decided the loan can't happen?
Message 10 of 49
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