03-10-2013 02:00 PM
This is a quick one and hopefully one with a quick response. I am getting debts paid down to prepare for the purchse of my 2nd home in 2014. i have been current with my mortgage now since Sept 2010. Prior, I had rolling lates an a lot of headache and drama trying to get modification done which I finally did. My current mortgage will start to report positive Aug 2014 (meaning any and all lates will be gone bye-bye as it will have been 7 yrs since DOFD....thank goodness for rolling lates in this instance). Should I wait to start my mortgage application process once the negatives are OFF the report and my mortgage refelcts no negative history or will I be ok with a good 3 yr history of on time payments. (not concerned with score becuase I am and will be in in good standing there)
I hope this question makes sense.
Thanks in advance for any thoughts or comments
03-10-2013 03:27 PM
03-10-2013 03:41 PM
I'd wait if you could stand it. Better not to have the hassle of raised eyebrows and answering questions. Plus, you should see a nice score boost, so that will be double the confidence you can walk into the deal with. I know you mentioned not being concerned with the score, but it's a positive, so just add it to your list of the advantages of waiting until after the baddies drop off.
03-18-2013 10:15 AM - edited 03-18-2013 10:17 AM
In our situation we had to wait till the rolling mortgage lates were 12 months old. They did not question them at all, they just said closing had to wait but we were approved with them being less then 12 months old.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO