Mortgage Loans

[ceb11483]

When you all talk about late payments (referring to no late payments in the past 12 months for an FHA loan)... Are you referring to auto loans, installment loans, mortgages and cc? Or does that include any other types of payments?

I am focusing on paying everything on time so I can apply for an FHA mortgage, but am just curious what payments exactly they look at.

[kwesi]

JUST WHATS ON YOUR CREDIT REPORT..OR IF THEY NEED AU LIKE THEY WHAT FROM ME..

[MarineVietVet]

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ceb11483 wrote:

When you all talk about late payments (referring to no late payments in the past 12 months for an FHA loan)... Are you referring to auto loans, installment loans, mortgages and cc? Or does that include any other types of payments?

I am focusing on paying everything on time so I can apply for an FHA mortgage, but am just curious what payments exactly they look at.

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Late payments from any source on your reports is what is looked at.

[ripper998]

What I have been told by multiple sources is that it depends.  If you read the FHA guidelines its up to the loan officer.  My wife has two late payments last year on one credit card and one installment.  I was told that because her median credit score was above 640 (657) it was okay.  We just had to write a LOE.  I was also told by another LO that my relator knows and he also said he has gotten FHA approved mortgages for people who have had at most 2 30 day lates in the last twelve months.  It really depends.

Here is where I asked a similar question on zillow

http://www.zillow.com/advice-thread/30-day-lates/432482/

[MarineVietVet]

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ripper998 wrote:

What I have been told by multiple sources is that it depends.  If you read the FHA guidelines its up to the loan officer.  My wife has two late payments last year on one credit card and one installment.  I was told that because her median credit score was above 640 (657) it was okay.  We just had to write a LOE.  I was also told by another LO that my relator knows and he also said he has gotten FHA approved mortgages for people who have had at most 2 30 day lates in the last twelve months.  It really depends.

Here is where I asked a similar question on zillow

http://www.zillow.com/advice-thread/30-day-lates/432482/

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You could very well be right about this. I was tired when I read the original post and missed referring to no late payments in the past 12 months for an FHA loan)...