Mortgage Loans

[UpmyscoreinFL]

Should I go ahead and apply? Pulled new scores today transunion is at 669 equifax 629 and Experian fako is at 663. DTI should be fine. My only concern is one credit card 30 day late on dec and jan. everything else I have clean payment history for atleast 12 months. Spotty payment history on credit cards a few years ago but like i said clean for twelve months except the one card. Short sale in 2009 and one paid medical bill on equifax still trying everything to get deleted. Should I pull the trigger and apply or wait until january? My lease is up end of September was going to move in with my sister but would rather not. I am going to be separated but not divorced. I will be buying on my own.

[tooleman694]

Wont hurt to try.

[m29]

Not sure you should try just yet! FHA requires no late payments in the last 12 months! Any chance you can try to GW those lates? 

[UpmyscoreinFL]

I have tried over and over they are boa. Looks like I may just have to move twice and put my stuff in storage in the mean time. :-)

[JonRun]

I got approved in June for the FHA maximum in my area with a late payment to CitiFinancial last October. Maybe it just varies by lender.

[UpmyscoreinFL]

Where do your scores stand?

[JonRun]

When I applied, my Equifax was 627, Experian was 622 and TransUnion 661. So a middle score of 627.

[DallasLoanGuy]

---

m29 wrote:

Not sure you should try just yet! FHA requires no late payments in the last 12 months! Any chance you can try to GW those lates? 

---

wrong

[JonRun]

Dallas, is there a specific rule for FHA loans about lates within the last 12 months? There seems to be conflicting reports. Mine won't be a problem because we are doing new construction and I won't close until November, at which time my last late will be over a year old. Just asking for all the other people on here who have that question.

[Walt_K]

---

JonRun wrote:
Dallas, is there a specific rule for FHA loans about lates within the last 12 months? There seems to be conflicting reports. Mine won't be a problem because we are doing new construction and I won't close until November, at which time my last late will be over a year old. Just asking for all the other people on here who have that question.

---

I think the confusion stems from the fact that a lot of people on here that are going FHA have had serious past credit troubles.  For them, a single 30 day late in the past twelve months can be a deal killer.  Someone with a foreclosure or multiple accounts with 120 day lates and collections/chargeoffs who also has late payments in the last year is a lot different than a person with a fairly clean report that now has a 30 day late show up.