Posted on: 20th Feb, 2012 10:33 pm
We want to place an offer on a house and we are also being pre approved. However, the catch lies in the fact that my wife has two 30 day late payments from the end of last year. Is this going to disqualify us from getting a FHA loan? The only other late payment that is showing on the credit report is from 2007. I am worried I am putting an offer on a house and we won’t be able to get approved. We have been through the automated system and came back okay. Our scores are fine, her middle is 658.
Hi Brent!
Welcome to forums!
Well… as far as I know, when the underwriter analyses the credit report of the borrower, he/she will take into account the overall pattern of your credit behavior rather than certain isolated cases of slow payments. If a good payment pattern has been maintained, regardless of the two late payments, the borrower may escape disqualification. Moreover, as she has a credit score of 658, her chances of qualifying for an FHA loan is high.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Well… as far as I know, when the underwriter analyses the credit report of the borrower, he/she will take into account the overall pattern of your credit behavior rather than certain isolated cases of slow payments. If a good payment pattern has been maintained, regardless of the two late payments, the borrower may escape disqualification. Moreover, as she has a credit score of 658, her chances of qualifying for an FHA loan is high.
Feel free to ask if you've further queries.
Sussane
If the automated system approved the loan, the late payments have already been taken into consideration.
The loan is approved as long as the income and assets entered are acuurate. The credit has definitely been approved.
The loan is approved as long as the income and assets entered are acuurate. The credit has definitely been approved.
