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Current FHA loan with ( 2 ) 30 day lates

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Anonymous
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Current FHA loan with ( 2 ) 30 day lates

I am wanting to sell the house I am currently living and buy another home.  i am wantig to go FHA but i was told that FHA DOES NOT allow any mortgage late payments in 24 months and if you do then the credit score requirment goes from 580 to a 620.  Anyone ever hear of this?  I have ( 2 ) 30 days lates in the last 12 months.  last one was in October 2016

current score

631

622

618

Message 1 of 6
5 REPLIES 5
Anonymous
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Re: Current FHA loan with ( 2 ) 30 day lates

What's your reason for wanting to move and what changes have you made to make sure you won't be late again?

 

Unfortunately, those FHA rules are sticky -- but if you can boost your scores it may help.  How is your overall credit card utilization and other debt?  Any other deragatories? 

Message 2 of 6
Anonymous
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Re: Current FHA loan with ( 2 ) 30 day lates

reason was I was going for a remodification and i was told i had to be 30-90 days late.  Well after trying almost all of 2015 with being late almost the whole year; and getting denied 2 times; it was time to get caught up.  So I got cought up for the most part in 2016 but still had ( 3 ) 30 day lates in 2016 and ( 2 ) of them are within 1 year.  So from May 2016 to May 2017 i have ( 2 ) 30 day lates.  I have been rebuilding this whole year and got lots of things deleted, added 4 new trade lines in my name and got added to a few trade lines as AU.  Also finally got my student loans in a rehab.  Uti is at 19-20 %

Message 3 of 6
Anonymous
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Re: Current FHA loan with ( 2 ) 30 day lates

I got a refresh using Credit Check Total coming on the 27th and paid down more CC and also report is still showing a charge off that is unpaid but is actually paid.  i think the CO is still showing uppaid because i only just paid it a few weeks ago; thus it hasnt had time to reflect zero balance on report.  IDK the point differance between Fico8 and mortgage FICO but iv been toldit can range from 0-20 points less than what FICO 8 shows.

Message 4 of 6
Anonymous
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Re: Current FHA loan with ( 2 ) 30 day lates

Getting your util down will help -- is that 20% on average across accounts?  What account has the highest util right now?

 

Zero out all your credit cards except for one, and leave that one at under 9% but not 0%.  Your scores will boost a bit from it, especially if any single account is showing high utilization.

 

If your most recent late is in 2017, you're going to have to explain that.  Banks are going to be careful right now since we're approaching a possible credit crunch.  You'll also want a good reason for why you need a new home versus the one you're in, if the underwriters ask what's wrong with the current home.  Do you need a bigger place?  A smaller place?  Different location for work or school reasons?

Message 5 of 6
Anonymous
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Re: Current FHA loan with ( 2 ) 30 day lates

I want a single level as its easier for me to manage and I also want a smaller home for same reason.  I have no late payments in 2017 for CC or Mortgage.  Out of all the CC in my name and the CC where i am an AU; not a single care is above 20 pecent.. Most oare much less than that.

Message 6 of 6
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