@CH-7-Mission-Accomplished wrote:I think your only chance of approval now is to get that late payment off your reports (or stop it from reporting).
You said you have marginal scores to begin with. A loan underwriter is going to freak out about a late payment during the application process.
I think you should be prepared for a decline. Sorry to say that.
How would they explain their approval to the ultimate investors, FNMA/FHLMC?
I thought that the guidelines were not 30 day or more lates in the previous 12 months, but I'm not sure if that's true for FHA.
I just ran a simulation on my own credit score and lost 84 points for a new 30-day late.
I knew it was going to be a significant drop, but wow, that's bad.
For FHA you can't have any mortgage lates in the last 12 months, but other lates can sometimes be overlooked. They might cause a downgrade to refer, but might not cause an automatic denial. I don't know what happens when you have a late payment after pre-approval but before closing. I don't imagine it's going to be pretty.
OP, you REALLY need to make sure that 30 day late does not report. I do think it's going to cause a real problem - especially if, as you say, your credit score was borderline to begin with.
@Anonymous wrote:
@Anonymous wrote:We were looking at an 8/1 close.
I would call the cc company and GW them on my hands and knees BEFORE they report because that 30 day late will surely be on your report before 8/1, (if it isn't there already). If you can't get the cc company to not report it, start working on a LOE now for your LO. You don't want to be messing with that a day or two before you close.
+1
A 30 day late can knock 100 points off your score.
Just FYI for everyone, BOA has agreed to delete the late. This was after numerous emails to the CEO, etc. and calls to customer service.
For future desperate borrowers, anything is possible! 
