FHA and 12mos with no lates - am I stuck?

[5oClockSomewhere]

DH and I lare looking at going the FHA route sometime early next year.  I have a lingering CC that was long ago closed by the grantor and have been sporadically making payments.  In December, they contacted me about setting up a 6-month payment arrangement to get caught up and continue paying off the balance.  I have been making payments since December, but apparently at that time my "minimum payment due" was the accrued minimum since I had last made a payment.  The 6-month plan they put me on was to catch up on the "minimum payment" that was in arrears.  So here I am in August and I pulled my report and see that the account shows 120 lays late until July '09, which is technically when the minimum payment was caught up.

I have contacted the CC company to plead with them to help me out with the lates that are reporting, but they're not budging.  If FHA requires 1-year of good payment history, could I be stuck until July '10 or could a written statement help out there? 

Thanks in advance!

50S

[Anonymous]

something that shows that far behind can kill a deal for sure..  Youmay have to wain until next year when it all hits a year old.

My impression is that you have zero ot little money for reserves and are using a minimal doan payment (or you would not be in this position).  Having high reserves, down payment, FCO and.or having low DTI % are wasy to help offset the lates, but it it a hard sell.

[Anonymous]

Should not be a problem. All you will need to do is document the time frames and payment histories and a Direct Endorsement Underwriter can sign off on it and approve the loan.