Ok let me start off with some quick background. My wife and I who make around 100k a year b4 taxes have had a shaky past with our current mortgage and credit cards. Within the last year I have settled most of the charge offs and have been slowly building my credit from a complete disaster to moving in the right direction. With my Fico being 627,612,649. That’s up almost a 100 points in a year and I know to most they would not be proud but I know at this rate I will only go up slowly but surely. I have paid of 1 car and my debt to income ratio is extremely small with 15k in credit cards but under 200$ of that actually used. We are saving every penny we can to sell our current small townhouse and hopefully purchase a bigger forever home within the next year hopefully. But here is one thing that scares me the most. Could I qualify for an FHA loan if I have 1 late payment within the last year on my mortgage? And even more important other than this 1 late payment I have multiple lates including a 120 from 2012 to early 2013, so 2 to 3 years ago. So what Im saying is whenever I do apply for the mortgage I will have had 24 months of on time payments except for 1 30 day late. But if they go back further I know its definitely a NO go.
TDLR: 24 months 1 late payment on mortgage. Paid off all my Charge offs that are 2 years or older, paid off 1 car and other paid on time for @ least 12 months, 15k of revolving credit that’s paid down in full every month and on time. (Kicker being mortgage has many late payments over 24 months ago and multiple charge offs 2 years or older. They will all either be removed or paid off b4 I apply. Auto loan is current and good and overall just want to know what I can realistically expect.) This would be for an FHA loan. I would be buying a house around 330k with around 15-20k down depending on the time frame. Also would be able to be gifted money from family.
