Lates now require 24 month's versus 12 month's?

[Anonymous]

I am in the refi process (this is a cash out as I took a 50k equity line to build an addition that is now completed) and everything was going smoothly, qualified by the computer, and today out of left field the underwriter told the mortgage lender the "new rules" require 24 months of no lates versus the old rule of 12 month's.  I have a single late in my file (I can't argue it, flat out forgot to pay it) from 07/08.  Nothing since then.  I have no debt on my CC's, DTI is around 20% and scores are 748, 744 and 741......... Has anyone else heard of this?  VERY FRUSTRATING to say the least.

[Anonymous]

That would be a lender condition or PMI condition if you are looking for PMI.  I know things have tightened up on conventional when PMI is required.

[Anonymous]

One thing to try as you pursue this would be a goodwill letter to the lender with the late payment. If it's the only one, it's been more than a year, and you have a good history with them, you might be able to persuade them to remove the 30 day late as a courtesy.

[DallasLoanGuy]

who's the lender?

without knowing all of the facts, this seems way too picky.

one late? pffftttt  it happens.

try another lender.

 and be upfront about the late. i bet they don't bat an eye