Established Member
Posts: 21
Registered: ‎06-09-2012
Late Payment and FHA Loan

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!

Regular Contributor
Posts: 245
Registered: ‎07-06-2007
Re: Late Payment and FHA Loan

I would say go ahead if it was just 1 late, but since it was 3 in a row, I would wait until all three were 12 months old, just my opinion personally Smiley Wink

9/1/2012 ...DRUMROLL .... EQ .. 776!!

I'm FINALLY a homeowner .. 10/24/12!!!!

My Cards ~~~GARDENING~~~ BNSF CU ($1000) BOA ($2500) Amazon / GE ($900) AMEX BCE ($2500) Chase Freedom ($3000) US Bank Cash + (7500)
Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
Re: Late Payment and FHA Loan

Id wait 2 weeks then apply.

Posts: 108
Registered: ‎09-29-2012
Re: Late Payment and FHA Loan

If you don't mind me asking,how did this turn out? I have lates as well,just wondering if they were an issue.Do you mind me asking what lender you went through?

Starting Score: 553(EQ) 572 (TU) 586(EX) (EQ Complete Advantage)
Current Score: 572
Goal Score: 640

Take the myFICO Fitness Challenge
Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
Re: Late Payment and FHA Loan

The want 12 months clean history