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Question of how credit report lates affect mortgage app

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Had a lender tell me today that having lates (student loans not in default- no others on my credit report) may affect or even disqualify me from a loan regardless of my credit score and income... I know that the lates very negatively affect my score (estimating 130 - 150 point - and that feels punitive enough to me) so I am not sure why the lates should cause that much of an impact beyond the score. Anyone have experience or knowledge of this? After paying down some debt my score should be near 660-680 at the end of March and it is very disquieting to think that those lates (yes...I know that they are my fault) could hurt my loan chances even though my income is good, have basically no debt, a nice downpaymnet, and have moved my score up to an acceptable range..... Oh...and he says paying the SLoans off completely so they show as paid and closed will not help at all. :cry2:

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Had a lender tell me today that having lates (student loans not in default- no others on my credit report) may affect or even disqualify me from a loan regardless of my credit score and income... I know that the lates very negatively affect my score (estimating 130 - 150 point - and that feels punitive enough to me) so I am not sure why the lates should cause that much of an impact beyond the score. Anyone have experience or knowledge of this? After paying down some debt my score should be near 660-680 at the end of March and it is very disquieting to think that those lates (yes...I know that they are my fault) could hurt my loan chances even though my income is good, have basically no debt, a nice downpaymnet, and have moved my score up to an acceptable range..... Oh...and he says paying the SLoans off completely so they show as paid and closed will not help at all. :cry2:

 

 

I was approved for a mortgage today, with a 30 day late from Sep 2011. I got a FHA 30 year @ 4%. My scores were 651,627,631 I would try talking to another lender see what they say.

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1330629307[/url]' post='4634539']
1330628768[/url]' post='4634532']

Had a lender tell me today that having lates (student loans not in default- no others on my credit report) may affect or even disqualify me from a loan regardless of my credit score and income... I know that the lates very negatively affect my score (estimating 130 - 150 point - and that feels punitive enough to me) so I am not sure why the lates should cause that much of an impact beyond the score. Anyone have experience or knowledge of this? After paying down some debt my score should be near 660-680 at the end of March and it is very disquieting to think that those lates (yes...I know that they are my fault) could hurt my loan chances even though my income is good, have basically no debt, a nice downpaymnet, and have moved my score up to an acceptable range..... Oh...and he says paying the SLoans off completely so they show as paid and closed will not help at all. :cry2:

 

 

I was approved for a mortgage today, with a 30 day late from Sep 2011. I got a FHA 30 year @ 4%. My scores were 651,627,631 I would try talking to another lender see what they say.

I have about 4 30s, 2 60s, and 2 90s over the last 24 months. This due to the fact that even though I have one payment the vendor (KHESLC) says I have two loans that are consolidated...therefore I get two lates on my report for every late payment to the vendor...which has equaled a credit meltdown for me... I asked them to remove half the lates to reflect the fact that I missed one payment to them and they basically laughed at me...hoping a UW will recognize that these are duplicates and that I have paid them off....any experience with this type of scenario anyone????

 

 

 

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Even of they are duplicates the reality is you are going to have a tough time getting any mortgage with that many recent late payments. Scores are only a art of the credit evaluation - the guidelines will allow for some leniency but typically no more than 1 30 day late in the last 12 months or 1 60 in the last 24 months. even if they are reporting incorrect and get fixed you would still have 2x30 1x60 and 1x90

Good Luck but I wouldnt pay for any inspections or appraisals until a bank gives you some confidence they will do the loan - no need to throw money away - it would be a long shot at best.

B

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1330655465[/url]' post='4634805']

Even of they are duplicates the reality is you are going to have a tough time getting any mortgage with that many recent late payments. Scores are only a art of the credit evaluation - the guidelines will allow for some leniency but typically no more than 1 30 day late in the last 12 months or 1 60 in the last 24 months. even if they are reporting incorrect and get fixed you would still have 2x30 1x60 and 1x90

Good Luck but I wouldnt pay for any inspections or appraisals until a bank gives you some confidence they will do the loan - no need to throw money away - it would be a long shot at best.

B

 

 

I am trying to get a preapproval on a refinance mortgage. Plan is to get preapproval and my builder will secure a construction loan. At the end of construction (7 months from when he starts so at least 8 months from now) I will need to get a refinance mortgage to assume the constuction loan. I understand what you are saying but am hopeful that if I can get a preapproval I can clean up my credit enough over the next 8 months to allow me to qualify...

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I'm a little confused by your post. Do you own the land that the builder will be building on? If not, then you need a purchase loan.

 

As for a pre-approval, you have to qualify to get one. Lenders won't issue pre-approvals if you don't yet qualify.

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1330977113[/url]' post='4636681']

I'm a little confused by your post. Do you own the land that the builder will be building on? If not, then you need a purchase loan.

 

As for a pre-approval, you have to qualify to get one. Lenders won't issue pre-approvals if you don't yet qualify.

 

I own the land. I purchased the lot in 2009 and have now paid it off completely. Hopefully someone will pre-approve me on this...

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