@TrynaGetRight wrote:
In 2011 my husband and I purchased a home in Washington state. In 2015 we relocated due to military transfer and weren't able to sell the home or find a renter, long story short we paid late multiple times and finally was able to sell the home in Aug 2016. Well we were told we could apply for a new mortgage after Sept 2017 when we would have a full year of no late payments. Now that we are here our loan officer says he can't get an automated approval due to a mortgage late within the last 12 months, does anybody have any idea why this mortgage is still showing up as late if it has been paid in full and how long it will haunt us? Just to give more info out mortgage scores are 632, 635, and 652 and 641, 648, 665. We are also applying for a VA loan.
When was your closing date for the sale of your last home? You said Aug 2016 - but I don't know if that is when it was closed or when you went under contract.
How does your credit report show this tradeline? What date does it show paid in full? If you don't have a copy of your credit report, get one from www.annualcreditreport.com so you have all the information as it shows on your actual report.
Are you going to a bank for your mortgage or are you going to a non-bank mortgage company? I will pm you two lenders that are truly excellent and neither of these lenders have overlays. FYI, an overlay can be added to the guidelines by the lender issuing the loan. Overlay's make the loan guidelines more restrictive rather than less restrictive. Having said that, most lenders do want to see 12 months with no lates. But it sounds like it has already been 12 months for you so the issue would be what is the correct date (shown on your signed ALTA) and what is actually being reported to your CR.
