FHA Requirements Question!

[KKCHANCE2]

I am planning to apply for a FHA loan in the near future and wanted to know if a late payment (within the last 12 months) on a paid in full auto loan will prevent me from qualifying for a loan.  I understand you can't have any lates in the last 12 months but does that also apply to accounts that have since been paid in full?  I just want to know if I am wasting my time with applying.  Thanks for your help!!

[ccubedzx3]

I had 3 accounts with late payments in November of 2011.  I paid them all in full in December of 2011.  I was told by my LO that even if my score was high enough, I wouldn't qualify because it had not been a year since my last late.  I was told you cannot have any lates for a year on any type of revolving trade line/loan, and no lates on a mortgage within 2 years.   Hope that helps!

[KKCHANCE2]

Thanks for the info ccubedzx3. That hurts real bad!   Anyone else with the same experience? Not saying I don't believe you, I just want to know if anyone else had the same experience.

[Klesko]

This is a pretty hard rule.

Your best bet would be to write good will letters to see if you can get the late removed. If you can then you should be ok.

[ccubedzx3]

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@Klesko wrote:

This is a pretty hard rule.

Your best bet would be to write good will letters to see if you can get the late removed. If you can then you should be ok.

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Klesko, that's what i'm attempting to do right now.  I wanted to know all the "hard" requirements that needed to be met before I try to qualify again.  I have since paid everything on time and in December of this year, I will finally meet my "mini-goal." 

To the OP:  Wish I was wrong myself! If I was, I would be able to move faster than December!  Keep your head up..you can't change the past, but you can predict the future outcome if your follow the necessary steps!  Hang in there! You can do it!

[boomhower]

No lates in the last 12 months is a tough one to get around.  Good luck.