Posted on: 06th Nov, 2012 11:02 pm
My wife and I want to apply for a FHA loan. I have heard that even a single late payment made to an account within the last 12 months you will not get approved for an FHA loan. My August, July, and June payments in 2011 were late on my car payment. In September, I paid the account off in full, though. Do you think because this will only be 11 months old and not yet 12 months old it will affect my chances of being approved? Any opinions would be great! Thank you!
Hi Guest,
The accounts are now more than 12 months old as it is already November. So, I don't think you may face much problems in getting a loan if you meet all the other required criteria. However, you may have to give an explanation for the late payments.
Take care
The accounts are now more than 12 months old as it is already November. So, I don't think you may face much problems in getting a loan if you meet all the other required criteria. However, you may have to give an explanation for the late payments.
Take care
No, you will not face much difficulty in getting loan approval since the accounts are already old by 12 months. Make sure you fulfill the criteria of your mortgage lender so that the lender may pass on your loan request.
That more than one year old late payments won't be a big issue. What is more important is your credit score. It should be at least 620 so as to get approved for the FHA loan.