FHA Underwriting - Should I be concerned about late payments in last year

[Anonymous]

My fico mortgage middle scores are : Eq 649, Ts 681 and Ex 679. I have 3% credit utilization and my credit scores increased by 10 points from the rate lock. I have almost cleared all my debts by Dec 2020 (3% credit utilization). Unfortunately, I have 5 late payments in 2020 on US bank credit card (account closed and paid in full last December 2020). 

I requested US bank to remove late payments as a good will gesture but they refused to remove any.  I am afraid this might effect  my loan approval. My house closing date is May 18th 2021 and I m still waiting for the appraisal. Once, we get appraisal the underwriting process starts. Can some one help me understand if I have to be worried about late payments? If yes, what can help.

Note: I have more  than $40k savings, and I earn $8k USD/month and the house monthly payment is $1600.

Home Value: $ 330,000

Down payment made: $14,000

Car Loan: $300/month.

[Anonymous]

I'm currently in FHA underwriting and I'm in the same boat. I had a few late payments on my auto loan back in Jan/Feb 2020, but my LO says I should be fine since they are 1+ years old since my last late. We close on May 14th and so far everything seems to be moving forward. Lots of anxiety during the process, but I'm in good spirits and thinking positive. 

[Anonymous]

Good luck mate! I have latepayments with in the last 12 months. Thats the part which is concerning. But DTI ratio is very less and got a high income paid job in AR. I would never put my credit in this situation ever again. I learnt my lesson. I wonder how lenders provide pre qualification letter when they pull the credit and know about the late payments. I even got my rate locked with the credit report/score with another check. 

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@Anonymous wrote:

I'm currently in FHA underwriting and I'm in the same boat. I had a few late payments on my auto loan back in Jan/Feb 2020, but my LO says I should be fine since they are 1+ years old since my last late. We close on May 14th and so far everything seems to be moving forward. Lots of anxiety during the process, but I'm in good spirits and thinking positive. 

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  Fingers crossed!!

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@Anonymous wrote:

I'm currently in FHA underwriting and I'm in the same boat. I had a few late payments on my auto loan back in Jan/Feb 2020, but my LO says I should be fine since they are 1+ years old since my last late. We close on May 14th and so far everything seems to be moving forward. Lots of anxiety during the process, but I'm in good spirits and thinking positive. 

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