approved eligible but we have recent 60day late

[Anonymous]

I posted recently about having a recent 60day late and delinquencies on our credit report. It tanked the credit score almost 100 points because it is a student loan reporting on 6 different tradelines - altho its only 1 creditor and 1 account (that's a whole other story).  Anyway, after alot of phone calls they updated the credit report showing at least that the accounts were not delinquent.  But they didn't remove the 60day lates.  Still the credit score went up 50 points and we are now at 584/636/651.  With the 636 middle score we were approved eligible thru automated underwriting. Does the au ignore recent lates?  What are our chances of overcoming the 60day late and getting an fha loan?

[alleycat1975]

Very good question..   Lets put it this way.. They're trying to push me thru on USDA OR FHA if USDA doesn't fly and the lender was concerned about a 30 day late from April of 2010.   They tell me they want 1 year of no delinquincies..

But I also had to bring my scores up a little more to get thru the automated and even then i still have to be manually underwritten which is where I'm waiting now.   They need to hurry the heck up the stress is driving me nuts!

[Anonymous]

Different lenders will look at it differently. Some lenders will accept an AUS Approve/Eligible as is. Others will not accept an A/E finding if there are ANY lates or collections, etc.

It will really depend upon the lender your lo is doing the loan through. Sorry there is not a definitive answer anymore.