Tag: late payments

Large Down payment and Credit History

Question: My client is putting down 20% on the purchase of a home.  We were originally planning to go with a conventional loan; however, his credit is not sufficient.  Additionally, he has one late payment this year on a home that he sold.  Will FHA take this file? Answer: FHA will want a clean housing […]

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How Many “Multiple Lates” Disqualifies a Borrower?

Question: My client has multiple late payments on their credit card, including 4 that are 30-60-days late, 1 that is 60-90 days late and 2 that are 90+ days late.  Will this disqualify them from a home loan regardless of credit score? Answer: It all depends on the type of credit that has the delinquencies […]

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VA Derogatory Credit & Collections: I have a veteran with a low 623 credit score, collections and spotty history on other loans, which is why I have a refer/eligible. How will the underwriter handle the collections on a manual underwriting?

Answer: Your underwriter will be using the criteria below to evaluate your borrowers.  From the information you’ve provided, I’m not sure that they will be able to meet the requirements below.  In these situations, the underwriter decides if they can approve the loan, but it sounds like your underwriter will want to see a solid […]

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