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Would I qualify for a mortgage?

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Established Contributor

Re: Would I qualify for a mortgage?

THANKS Dallas.  One last question.  My most recent late on the report shows 03/12, which was reported by the lender in 04/12.  Would I need to wait until 04/13 to apply, after they post the 03/13 statement info?  Or does that late become a year on 3/1/13, which means I technically could apply on 3/2/13?  Sorry to get so detailed on this part. 

Chap7 discharge 7/29/15
Fico 11/20: TR:595(high util)
Cap1(Plat+QS) 3500+2500/Merrick 1000/Express 1100.
Message 11 of 20
Valued Member

Re: Would I qualify for a mortgage?

I don't believe FHA requires 1 full yr of no lates.  I had one 8months ago and I was all set.

- 6/2012 - FICOs EX 550 TU 580
- Lots of work.....
- 9/20/12 - FICO EX 646 TU 692
- Dec 12 - Home purchase - Dec 14 Auto Purchase
- 6/10/13 - FICO EX 672 TU 690
- 1/22/15 FICO EQ 697 TU 732
It CAN happen to you!
Message 12 of 20
Established Contributor

Re: Would I qualify for a mortgage?


tuckandroll wrote:

I don't believe FHA requires 1 full yr of no lates.  I had one 8months ago and I was all set.


I know each lender has different requirements, but aren't they supposed to adhere to FHA's exact ones? Like the 12 months of no lates for example?

Chap7 discharge 7/29/15
Fico 11/20: TR:595(high util)
Cap1(Plat+QS) 3500+2500/Merrick 1000/Express 1100.
Message 13 of 20
Valued Member

Re: Would I qualify for a mortgage?


westo12 wrote:

tuckandroll wrote:

I don't believe FHA requires 1 full yr of no lates.  I had one 8months ago and I was all set.


I know each lender has different requirements, but aren't they supposed to adhere to FHA's exact ones? Like the 12 months of no lates for example?


Can you show me where it states that you can't get approved if you have a late within the last 12 months?

This is my source look under "late payments" heading.  Says nothing about previous 12 months.

http://www.fha.com/fha_requirements_credit.cfm

 

 

- 6/2012 - FICOs EX 550 TU 580
- Lots of work.....
- 9/20/12 - FICO EX 646 TU 692
- Dec 12 - Home purchase - Dec 14 Auto Purchase
- 6/10/13 - FICO EX 672 TU 690
- 1/22/15 FICO EQ 697 TU 732
It CAN happen to you!
Message 14 of 20
Established Contributor

Re: Would I qualify for a mortgage?

I've been searching all over the HUD website for this info, and I haven't seen anything that says 12 months of no late payments either.  Anyone have info otherwise?

Chap7 discharge 7/29/15
Fico 11/20: TR:595(high util)
Cap1(Plat+QS) 3500+2500/Merrick 1000/Express 1100.
Message 15 of 20
Valued Member

Re: Would I qualify for a mortgage?

I met with mortgage broker yesterday, he said no issues with this.  My last late was Nov of 2011.

- 6/2012 - FICOs EX 550 TU 580
- Lots of work.....
- 9/20/12 - FICO EX 646 TU 692
- Dec 12 - Home purchase - Dec 14 Auto Purchase
- 6/10/13 - FICO EX 672 TU 690
- 1/22/15 FICO EQ 697 TU 732
It CAN happen to you!
Message 16 of 20
Established Contributor

Re: Would I qualify for a mortgage?

Wait, from a previous comment I thought you already went through the loan process?

Chap7 discharge 7/29/15
Fico 11/20: TR:595(high util)
Cap1(Plat+QS) 3500+2500/Merrick 1000/Express 1100.
Message 17 of 20
Valued Member

Re: Would I qualify for a mortgage?


westo12 wrote:

Wait, from a previous comment I thought you already went through the loan process?


Prequal with one yes. Now I am getting the loan underwritten with a TBD address.

- 6/2012 - FICOs EX 550 TU 580
- Lots of work.....
- 9/20/12 - FICO EX 646 TU 692
- Dec 12 - Home purchase - Dec 14 Auto Purchase
- 6/10/13 - FICO EX 672 TU 690
- 1/22/15 FICO EQ 697 TU 732
It CAN happen to you!
Message 18 of 20
Established Contributor

Re: Would I qualify for a mortgage?

How do you go through UW with a TBD address?  

Chap7 discharge 7/29/15
Fico 11/20: TR:595(high util)
Cap1(Plat+QS) 3500+2500/Merrick 1000/Express 1100.
Message 19 of 20
Valued Member

Re: Would I qualify for a mortgage?

This company will do underwriting with TBD address.  It seems really neat.   http://www.atlanticbay.com/

 

They approve you up to a limit you choose / and qualify for underwrite the deal with contingencies.  Has to appraise for that amount or more, etc.

- 6/2012 - FICOs EX 550 TU 580
- Lots of work.....
- 9/20/12 - FICO EX 646 TU 692
- Dec 12 - Home purchase - Dec 14 Auto Purchase
- 6/10/13 - FICO EX 672 TU 690
- 1/22/15 FICO EQ 697 TU 732
It CAN happen to you!
Message 20 of 20