FHA Mortgage Late Payment: Does FHA allow 1 x 30 in last 12 months? Just checking because I got a DU Approve/Eligible.
Answer: Yes. FHA would allow the 30-day late within the last 12 months on a purchase transaction. See the applicable guideline below regarding acceptable housing/mortgage payment history. 4000.1, II, A, 4, b, iii (K) Housing Obligations/Mortgage Payment History (TOTAL) (1) Definition: Housing Obligation/Mortgage Payment refers to the monthly payment due for rental or Properties owned. A […]