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Rechecked credit hamper loan chances?

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Belona Guest	Posted: Tue Dec 27, 2011 1:03 am    Post subject: Rechecked credit hamper loan chances? Like 0 Dislike 0 Hello… We will be closing our mortgage in 15 days time. Now they have re-checked my husband's credit and he has a 30 day past due on his credit report. It is the first one he has in the last 4 years. Will this hurt our chances of getting the house? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Tue Dec 27, 2011 2:01 am    Post subject: Like 0 Dislike 0 If your husband has paid off the past due debt as mentioned in his credit report, then I don't think he will face any issues in getting the loan. However, if he hasn't paid off the debt, then there are high chances that the lender will ask him to pay off the debt. _________________ Good is the Enemy of Great.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Fri Jan 13, 2012 2:18 pm    Post subject: Like 0 Dislike 0 I don't think they'll seek payoff of the debt, but they'd surely want to know that the delinquent status of the account had been cleared up, and they'll want a very solid explanation of the circumstances surrounding that late payment - why did it happen, how did it happen, will it happen again, etc. Being honest is, of course, the best policy. If he just plain overlooked it, say that. If it was another problem, state the problem. Most lenders can forgive that sort of thing as long as the bulk of your loan file is solid. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Mon Jan 16, 2012 12:55 pm    Post subject: Credit Like 0 Dislike 0 If there is a recent late payment and prior to that there were no late payments, the credit score drops maybe 60 to 100 points and that could affect the mortgage interest rate and/or if a loan is still possible. On the other hand, if the lender just got a credit report via a "soft pull" to see if there were any new loans just before closing, that will not affect the credit score, however, the Lender will have to resolve the past due issue. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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