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12-24 months clean history for mortgage loans?

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jayson612
New Member

12-24 months clean history for mortgage loans?

hi recently i been trying to get a fha loan. I apply at BOA and was told that i need 24 months of clean credit which I didnt. Is this the same guidelines use by all banks? Here is my derogs if anyone can help me understand.

 

!: I filed for bankruptcy in 2007 and was discharged either in late 2007 or very early on 2008 ( on mortgage and credit cards)

2:i have child support that were late a mulitple times in the last 5 years

3: child support in the last 24 months have 2(60) day lates and a 4 (30 days lates), some of these lates were because i was going thru a

modification process and the order i was expect to pay was outrageous for my income. I am now current and only have child support and two credit cards that my wife add my name to which show on CR.

4: my income from 2009 (62k), 2010 (38k), 2011 (12k), 2012 (25k) reason being so low from 2010 is job moved and was considering quitting or staying. 2011-2012  was injured on the job and due to confusions i was terminated late 2011. But i was on SDI from mid 2011 to end 2011. Was on UI from 2012 to mid 2012 Til we sort out the confusion and was reinstated in mid 2012. I get pay 24/hr and is full time employee.

 

I still get deny for CC but I really want to get a home mortgage which I can do maybe 3-8% down only.

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2 REPLIES 2
tooleman694
Valued Contributor

Re: 12-24 months clean history for mortgage loans?

I think your income is the biggest problem you are facing right now.

 

You can get by with 12 months of a clean report if you have the score to do it.

 

But your income is gonna hold you back.

Message 2 of 3
JM-AM
Valued Contributor

Re: 12-24 months clean history for mortgage loans?

Having any type of derogs post BK will always cause a few issues.

Your income is declining while you have some reasons to support it, these reasons are still a concern for any Lender.
Good Luck
May all your dreams and wishes become a reality!
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