Frequent Contributor
westo12
Posts: 495
Registered: ‎07-20-2008
Re: Would I qualify for a mortgage?

‎10-01-2012 11:17 AM

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. 

2013 Starting: 593 Scores: 617 (EQfico) 658 (EXvant) 640 (TUfico) | Goal scores: 700 - 19 pos TL's / 5 baddies (1 pd) / 40% reported util
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tuckandroll
Posts: 31
Registered: ‎08-15-2012
Re: Would I qualify for a mortgage?

‎10-01-2012 11:26 AM

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

starting - 6/2012 - FICOs EX 550 TU 580
current - 9/2012 - FICO EX 646 TU 692
It CAN happen to you!
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Frequent Contributor
westo12
Posts: 495
Registered: ‎07-20-2008
Re: Would I qualify for a mortgage?

‎10-01-2012 12:24 PM

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?

2013 Starting: 593 Scores: 617 (EQfico) 658 (EXvant) 640 (TUfico) | Goal scores: 700 - 19 pos TL's / 5 baddies (1 pd) / 40% reported util
My Wallet: BofA 3k | Kay's 2k | Discover/AU 1.5k | Walmart 1k | Emblem 809 | Amazon Store 700 | Paypal BML 600 | Citi/Goodyear 500 | Chase 500 | FPB 425 | Capital One 320 | Target 300 | Capital One 300 | FPB 300
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Valued Member
tuckandroll
Posts: 31
Registered: ‎08-15-2012
Re: Would I qualify for a mortgage?

‎10-03-2012 06:52 AM

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

 

 

starting - 6/2012 - FICOs EX 550 TU 580
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It CAN happen to you!
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Frequent Contributor
westo12
Posts: 495
Registered: ‎07-20-2008
Re: Would I qualify for a mortgage?

‎10-03-2012 10:55 AM

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?

2013 Starting: 593 Scores: 617 (EQfico) 658 (EXvant) 640 (TUfico) | Goal scores: 700 - 19 pos TL's / 5 baddies (1 pd) / 40% reported util
My Wallet: BofA 3k | Kay's 2k | Discover/AU 1.5k | Walmart 1k | Emblem 809 | Amazon Store 700 | Paypal BML 600 | Citi/Goodyear 500 | Chase 500 | FPB 425 | Capital One 320 | Target 300 | Capital One 300 | FPB 300
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Valued Member
tuckandroll
Posts: 31
Registered: ‎08-15-2012
Re: Would I qualify for a mortgage?

‎10-10-2012 11:02 AM

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

starting - 6/2012 - FICOs EX 550 TU 580
current - 9/2012 - FICO EX 646 TU 692
It CAN happen to you!
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Frequent Contributor
westo12
Posts: 495
Registered: ‎07-20-2008
Re: Would I qualify for a mortgage?

‎10-10-2012 11:04 AM

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

2013 Starting: 593 Scores: 617 (EQfico) 658 (EXvant) 640 (TUfico) | Goal scores: 700 - 19 pos TL's / 5 baddies (1 pd) / 40% reported util
My Wallet: BofA 3k | Kay's 2k | Discover/AU 1.5k | Walmart 1k | Emblem 809 | Amazon Store 700 | Paypal BML 600 | Citi/Goodyear 500 | Chase 500 | FPB 425 | Capital One 320 | Target 300 | Capital One 300 | FPB 300
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Valued Member
tuckandroll
Posts: 31
Registered: ‎08-15-2012
Re: Would I qualify for a mortgage?

‎10-10-2012 11:07 AM

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.

starting - 6/2012 - FICOs EX 550 TU 580
current - 9/2012 - FICO EX 646 TU 692
It CAN happen to you!
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Frequent Contributor
westo12
Posts: 495
Registered: ‎07-20-2008
Re: Would I qualify for a mortgage?

‎10-10-2012 11:09 AM

How do you go through UW with a TBD address?  

2013 Starting: 593 Scores: 617 (EQfico) 658 (EXvant) 640 (TUfico) | Goal scores: 700 - 19 pos TL's / 5 baddies (1 pd) / 40% reported util
My Wallet: BofA 3k | Kay's 2k | Discover/AU 1.5k | Walmart 1k | Emblem 809 | Amazon Store 700 | Paypal BML 600 | Citi/Goodyear 500 | Chase 500 | FPB 425 | Capital One 320 | Target 300 | Capital One 300 | FPB 300
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Valued Member
tuckandroll
Posts: 31
Registered: ‎08-15-2012
Re: Would I qualify for a mortgage?

‎10-10-2012 12:54 PM

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.

starting - 6/2012 - FICOs EX 550 TU 580
current - 9/2012 - FICO EX 646 TU 692
It CAN happen to you!
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