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My husband and I recently closed on a condo after rebuilding our credit for a year. We each had some 30 day lates from Jan of 15, but didn't have to provide LOE's because they were over a year old. We also had 3-6 month old inquiries and that wasn't a problem. We had to put more money down than we wanted with getting approved, but it was all worth it. Our middle scores were about 650. I would say you can atleast go talk to a motgage broker and see what they can do. The process can be discouraging, but the reward at the end is great!
Good luck!
Welcome to the forum - you didnt say how long ago this was but if it has been a while you will probably be ok
The system doesnt care for lates after a BK but it will still approve a file if the rest is solid
You wont know until you apply and someone runs your file through automated underwriting - that should tell you if you are ok or not
Hope this helps
B
@BrianB_The_Loan_Professor wrote:Welcome to the forum - you didnt say how long ago this was but if it has been a while you will probably be ok
The system doesnt care for lates after a BK but it will still approve a file if the rest is solid
You wont know until you apply and someone runs your file through automated underwriting - that should tell you if you are ok or not
Hope this helps
B
^^^this is so true. Let me restate it a little bit: the system doesn't like lates after a Bk. You will probably have to provide letters of explanation at a minimum. The best way to overcome the late pays after Bk is to have all other items for the mortgage very strong. This includes (some ideas here): larger downpayment, more in savings, lower DTI ratios and other factors. You need to show the late pays after Bk were a fluke and not a habit.
Speaking for my experience, I can tell you the following:
I recently closed on a home purhase, on June 6th. I have numerous lates on my file, mostly due to student loans that, longer story short, should have been in deferrment, but weren't. So they went up to almost 180 days late. This was in 2013 and 2014. I also have 1 medical collection for about $1000 from 2013, and a charge off that went to collections in 2011. There were two other random lates on a Capital One credit card in 2013.
Otherwise, everything has since been paid as agreed for past 12 months at least (student loans have long been cleared up and current).
I did have to provide explanations for each of them. As well as explanations for a few recent INQs (which were just other mortgage appllications).
I got my mortgage through NFCU (Navy Federal if you're not familiar).
Middle scores in mid 600s, per their inquiry-though to be honest, I'm a bit disappointed that the scores didn't match what myFICO said my mortgage scores were/are. myFICO shows my scores to be much higher than they, and other lenders, said they were.
@ Mandifer531, what % did you have to put down with your 650 credit score?