What do Underwriters look into as Late???

[l-turner]

hey everyone 21, and me and my wife have been looking into a house now I'm tired of renting anf throwing th emoney away,

This website has been really helpful the Loan Officers ive talked to were really impressed with my knowledge at 21, hopefully that will help me out.

Paid down my Credit Card balances and my scores on here jumped up to 654 and 643 respectively, IDK exactly what experian went up to if it did. My scores were priginally

628 - EQ 618 - TU 596 - EXP

I just started my credit profile a year ago so I'm guessing that may be the cause for the exp score.

My scores just jumped due to some balances bein gpaid down after the Holiday season and now our loan officer is in the process of getting our information together.

I have a question though,

I see that underwiritng is important, on none of my bills(except water) I have been 30 days late, and with my rent I have only been 1 day late due to a computer issue with making the payment online and I had to go the next day and get a cashier check.

If they utilize some of these utilities Ive made for about a year plus my year rental history will I get knocked for a day late or 3 days late on some of the utilities??

or if I'm 30 days late will that really matter? Thanks everyone

[mauve]

They're going to want to see no lates at all for the last 12 months minimum.  1 or 2 days late doesn't count, though, since they don't show up on your credit reports.  If you haven't already, go to annualcreditreport.com to check out your reports directly from the CRAs. 

You may want to improve your mix of credit by adding at least one credit card.

[l-turner]

Oh I have 3, thank you.

For the FHA/First Time Home Buyer program they need some good payment history. I'm just wondering if  they see that I have a 1 day late or a 3 day late on a Cable bill for a year will that effect anything?

Ive never been 30 day late on any of the utilities or rent? Is that what their looking for??

[mauve]

You would know if you have lates that count if they show up on your credit reports. 

[Anonymous]

To clarify this a bit, as far as lates, they generally only are looking at 30 day lates.  That said, it is not uncommon for them to request recent utlity bills and if they see a past due balance on those bills it can still cause problems (but usually only if the underwriter is bordeline). 

As long as none of your utilities were a full month late and as long as you are currently paying the utilites on time and the past month or two statements will show this, you should be fine.  Again, is can get a little sticky if you are paying your bills late after the next statement cuts.

[l-turner]

Ok thank you mickie that's exactly what I was wondering, payment has been afew lates but never a full 30 days cable rent, electric or gas actually been paid in advance sometime so hopefully that helps thanks Mickie