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Length of payment history considered

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New Contributor

Length of payment history considered

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?

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Senior Contributor

Re: Length of payment history considered

Minimum is 12 monts but longer is better for borrower.

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Super Contributor

Re: Length of payment history considered

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.

 

Retired Lender
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New Contributor

Re: Length of payment history considered

Thank you!!!
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