What is the length of time lenders look at on your credit report, for an on time payment history to give a pre approval for mortgage? Is 1 year straight of on time payments sufficient, or do they look a back several more years?
if approved thru automated underwriting, we dont really care. could be late last month and still be fine.
if downgraded to a manual underwrite, we look for 1yr to show stability
either way. the lates(however old) are a part of the file and are indeed considered.