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Wont hurt to try.
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?
@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 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.