Need help

[bullitt149]

2 years ago I leased a car for my son to use for school and work. I needed to purchase a new vehicle for my wife last Sept and discovered that my son had been paying the lease payments late without my knowing about it. After discovering this I took over managing the account and the oldest late is now 8 months old and never been late since. My other accounts including autos have no lates and I need to buy a home. I need to know if with explanation if I will FHA qualify. I want to go with a local builder, and we would probably not close till July or Aug making the most recent late either 11 or 12 months old. I will be above 640 mid score and good income.

[guiness56]

I would try GWs to the car dealer and explain what happened.  They may not do anything but its worth the shot.

[Shogun]

Absolutely.  Send a GW to your auto loan creditor and explain to them as you have here.  You've nothing to lose.

[bullitt149]

The auto is with American Honda and I have tried repeatedly to get them to GW it. My question is really about the time frame. If I go with the builder I probably would not close till August right when the last late becomes 12 months. Under FHA underwriting would this fly as no lates in 12 months, and or would an explanation of what would at that time be one late be acceptable.

[Burned2manybridgesB4]

Kids screw up. GW definitely.

What were the duration of lates? 30's 60's 90's???

EDIT:

I'm signing off now, so I won't see this for a day or so. I think that with your being caught up, on top of a letter of explanation, and another from the car lease people saying you're current, should suffice, and they'll probably turn a blind eye.

[bullitt149]

Thank you burned. The lates were 30's. the ones I'm concerned about we're 2 in a row July and August. It is all current now and has been since August.