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Super Contributor
DallasLoanGuy
Posts: 5,959
Registered: ‎07-03-2007

Re: Should I apply for FHA ?


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.

 

 

if approved thru automated underwriting(computer approval) then no worries. you can have a late last month and still have ZERO problems if the computer says approve.

 

if this is a manual underwrite, then the lates will have to be explained. <= and it needs to be a darn good explanation on a manual.

 

 

 

 




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Regular Contributor
JonRun
Posts: 149
Registered: ‎04-29-2012

Re: Should I apply for FHA ?

What determines whether you get automated approval or have to go to manual underwriting?
Regular Contributor
m29
Posts: 112
Registered: ‎08-30-2011

Re: Should I apply for FHA ?


DallasLoanGuy wrote:

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

 

 


Sorry if I was misinformed Dallas! I closed on my home FHA last month and I was told by my lender that FHA requires no lates in the last 12 months! Is it a lender policy then? I definitely don't want to give any wrong advice!


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AlpineMC
Posts: 3
Registered: ‎07-27-2012

Re: Should I apply for FHA ?

m29,

 

Your lender might be confused with mortgage lates regarding an FHA streamline refinance. Most lenders will not allow any late mortgage payments during the past 12 months when doing a streamline. There is no reason an FHA purchase can't be approved if there are late payments on other debts (assuming FICO scores are high enough and other factors are met).

Frequent Contributor
UpmyscoreinFL
Posts: 293
Registered: ‎01-12-2012

Re: Should I apply for FHA ?

So what is the magic number for automated underwriting and should the brokerbe able tl tell me that?
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