Will I be denied an FHA loan...678 credit score with Equifax, 700 on the other 2 bureaus.?
I have 2 thirty day late payments, one in February and one last month. Other than that, everything is perfect. Back in November I had perfect credit and a credit score of 726. Will i be disqualified for an FHA loan because of the recent 30 day late payments??
Public Comments
- Probably not. The following are the FHA qualifications. The ratios are very important. http://www.fha-home-loans.com/loan_qualifying_fha_loans.htm
- Did you get those payments up to date? With your score, FHA will still work with you for sure. But, you may have to submit a letter of explanation as to why you fell behind recently.
- FHA is for the people who doesnt have a perfect score, and for the people who doesnt have the money to put 20% down payment or more FHA only ask minimum of 3.5 % down payment Upfront PMI Closing cost and the score u mention is even good for conventional unless u have no money spend 20% down. then go to fha so yes i dont see anything wrong. u should be ok
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- Combine Michael T's, Help's and Covergirls' answers and you have a clue and good solid answer. I don't know where you are located. I'm in OK. But though I am not an employee, I'm associated with American Equity Mortgage. (www.americanequity.com) They have sites in several states and are headquartered in St. Louis. They also specialize in FHA qualifying/lending. What makes them a little different than a broker is that they are also a correspondent lender. Letters of explanation WILL be required. Your score doesn't disqualify you, but your rate may be a little higher.
