Late Payment and FHA Loan
06-18-2012 12:52 PM
My wife and I are planning onapplying for an FHA loan the begining of July. I read a couple of threads from a couple of years ago that said if there was even a single late payment made to an account within the last 12 months you will not get approved for an FHA loan. My August, July, and June payments in 2011 were late on my car payment. In Septemeber I paid the account off in full, though. Do you think because this will only be 11 months old and not yet 12 months old it will affect my chances of being approved? We are planning on closing in August, September, or October if we find a house we love so this would make it over 12 months old. Any opinions would be great! Thank you!