Mortgage Help

Discussion in 'Credit Talk' started by Newcomer, Jan 22, 2001.

  1. Newcomer

    Newcomer Well-Known Member

    I just found out that the people who financed my car have posted a 30 day late payment on my TU credit report. I disputed it, but according to their system that's what they have. I applied for an FHA loan. How many years of credit history do they consider. This date is 12/2000. Will this hold up my closing?
  2. Momof3

    Momof3 Well-Known Member

    FHA goes back 24 months and wants clean payment history, I am sure if this is the only late within the last 24 months, you should be okay, you will probably have to explain why you were late.

  3. Newcomer

    Newcomer Well-Known Member

    Thanks, Mom:)
  4. roni

    roni Well-Known Member

    Yeah you can be late in 24 months with explanation. The broker told me that last week about my recent DMV lien.

  5. gregb

    gregb Guest

    WOW! I learn something new here (actually several somethings) every time I come on. We've been putting off even attempting to qualify for a mortgage until my reports were spotless. All my negs are 5+ years old, with spotless payment hist on the rest since 1995. I was afraid even 1 neg would disqualify me!
  6. Momof3

    Momof3 Well-Known Member

    I was talking about FHA guidelines in particular, they mainly focus on your previous 24 month history and with what you have said you wouldn't have a problem at all. I am not familiar with conventional loans that much, I know they go back a little further and want explanations for this and for that. My friends got a conventional loan last year and they wanted to know why she was late on an eletric bill from 1994!!

  7. roni

    roni Well-Known Member

    No you only need 2 good years to get a FHA loan. You can also get a non-FHA loan but the rate may not be as good. What is required to get a mortgage is that all your bad credit /collections to be settled and or paid.

  8. Newcomer

    Newcomer Well-Known Member

    Yeah. My scores are still not that high due to a lot of inquiries, but I applied for the mortgage anyway. I'm waiting for my lender to call me this week. He said that he should be able to send my to underwriting by the end of the week. Thank God for FHA.

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