Hello,
A bit of background:
Going with a Conventional Mortgage.
Current Mortgage Scores are: 660, 700, and 680. So essentially a 680 middle score.
Income is somewhere around 90-100k/yr.
Zero debt (No CC, No Car, truly zero). My DTIs are in a decent range. I'm looking at a house priced in the high 300's, with 5% down.
I've previously secured pre-qual, but I'm not so much worried about that. Currently looking into purchasing a new construction house, that will require quite a bit of deposits, with the caveat that if my mortgage approval fails at underwriting, I'm set to lose a large chunk of them.
The problem is my payment history. About 23 lates over the years. As you can see below, I have a couple charge offs that were either paid in full or settled for less (one most recently paid in 2019, but others settled for years). The below is my worst credit report, others bureaus show 17 and 19 late payments.
| 30 Late | 60 Late | 90 Late | 120 Late | Charge Off | Most Recent Late |
| 1 | 1 | 0 | 0 | No | 2015 |
| 2 | 2 | 1 | 3 | Yes - Paid | 2017 (Paid in 2019 though) |
| 1 | 0 | 0 | 0 | No | 2017 |
| 1 | 1 | 1 | 2 | Yes - Paid | 2017 |
| 1 | 0 | 0 | 0 | No | 2017 |
| 2 | 0 | 0 | 0 | No | 2016 |
| 1 | 1 | 1 | 1 | Yes - Paid | 2015 |
| 0 | 0 | 0 | 0 | No | 2014 |
| 9 | 5 | 3 | 6 | Total | Total |
| 23 Total Late payments |
I understand my rates and PMI will be reflective of my 680 score, and I can deal with that. My main concern is underwriting.
Is passing through underwriting out of the question? Is there a serious risk here? It seems all of the lenders say if I pass through their underwriting software for pre-qual, that I should be fine; but I'm not so trusting of this statement after reading stories online.
Thanks for any help. I really appreciate these forums and the input given.
