FHA Late Payment Question

[monaarts_hotmail]

Hello Everyone,

Thanks to the help of this forum I have been able to get my credit score from the 590-610 range up to the 640-660 range in a matter of a couple months.  So I'd like to thank everyone for their help!!!

My wife and I want to apply for a mortgage and start looking for homes ASAP but I might have a problem.  I have a 3 late payments on my credit report that are about 1 year old - June, July, and August of 2011 - all from the same auto loan.  The lates technically weren't my fault but they are refusing to remove it from my report.  My question is this:  Do I have to wait 12 months from the last late payment INCLUDING the late payment month or 12 months AFTER the late payment???  Basically, should I be good to go in August or will it be September?  Thanks for your help again, everyone!!!  :-)

- Joe

[Booner72]

I think August, but regardless, by the time you find a house and get through everything it will probably be september anyway.

GOOD LUCK!

[monaarts_hotmail]

Also, I don't know if it matter but I paid the car off in September (the month after the last late payment on there).  When I apply for a loan though, won't they decline me if the late has been within 12 months or is does it only matter for closing date?  Thanks!

[Booner72]

just be sure it's 12 months post late before the file gets to the underwriter. You won't really get approved until then anyway. Talk to a LO before they pull your credit and explain the situation. If she/he has a fit, call another and see what that one says. I could be wrong but I think it's okay.