is it worth a shot?...

[MichiganMommy]

DallasLoanGuy

If it reads everything on the CR, than why would it approve (automated) with lates in the last 12 months??? Please clarify. Your expertise is appreciated.

[DallasLoanGuy]

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MichiganMommy wrote:

DallasLoanGuy

If it reads everything on the CR, than why would it approve (automated) with lates in the last 12 months??? Please clarify. Your expertise is appreciated.

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did you see my john/joe scenario?

look.... if i was late on something last month or currently past due.... i would still get approved with perfect credit otherwise and good assets, ect.

someone with a history of collections and lates will have a harder time getting approved.

think about it.... they are looking at patterns. my 780 fico and flawless credit will withstand one late last month and still get approved. if i was late on my visa... i might have good reason. disputing a charge, ect.

someone with spotty credit in the past needs to be clean for 12 months.

even then, it is no guarantee that you pass automated.

[Anonymous]

Hello again Dallas.  I'm sure you're tired of answering my numerous questions, but you've been a big help.  I understand your scenario with the reserve thing and all. 

 We do not have any reserves, and obviously don't have the best credit.  Our installment loan that we have so many lates on and the vehicle repo (charge off) was a one-time situation b/c of the business venture. 

 I keep reading that an explanation of the situation may help.  Do you think a lender will see the situation as...they have way too many lates and it's been too recent, or...I do believe this is a one-time situation,  and the installment loan has went from 25k to 4700?  

 If we do apply for FHA and get denied, is there a certain time frame before applying again or can you only apply FHA once?

[DallasLoanGuy]

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kellikis wrote:

Hello again Dallas.  I'm sure you're tired of answering my numerous questions, but you've been a big help.  I understand your scenario with the reserve thing and all. 

 We do not have any reserves, and obviously don't have the best credit.  Our installment loan that we have so many lates on and the vehicle repo (charge off) was a one-time situation b/c of the business venture. 

 I keep reading that an explanation of the situation may help.  Do you think a lender will see the situation as...they have way too many lates and it's been too recent, or...I do believe this is a one-time situation,  and the installment loan has went from 25k to 4700?  

 If we do apply for FHA and get denied, is there a certain time frame before applying again or can you only apply FHA once?

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again... if in the last 12 months, no manual approval. automated may still approve.

you can apply again. no problm