Established Contributor
Posts: 584
Registered: ‎07-20-2008
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. 

Filing Chap 7 as of 2/2015
Valued Member
Posts: 31
Registered: ‎08-15-2012
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!
Established Contributor
Posts: 584
Registered: ‎07-20-2008
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?

Filing Chap 7 as of 2/2015
Valued Member
Posts: 31
Registered: ‎08-15-2012
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!
Established Contributor
Posts: 584
Registered: ‎07-20-2008
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?

Filing Chap 7 as of 2/2015
Valued Member
Posts: 31
Registered: ‎08-15-2012
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!
Established Contributor
Posts: 584
Registered: ‎07-20-2008
Re: Would I qualify for a mortgage?

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

Filing Chap 7 as of 2/2015
Valued Member
Posts: 31
Registered: ‎08-15-2012
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!
Established Contributor
Posts: 584
Registered: ‎07-20-2008
Re: Would I qualify for a mortgage?

How do you go through UW with a TBD address?  

Filing Chap 7 as of 2/2015
Valued Member
Posts: 31
Registered: ‎08-15-2012
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!