Can I qualify for FHA loan with late payments?

evolovik26 · Posted: Mon Oct 08, 2007 6:18 am Post subject:

I believe that you would have a tough time finding a second to go behind FHA. The reason you can get FHA is because its government insured loan and banks dont carry any risk in giving it to you. Your local credit union might give you a second loan like that but i bet you need to have a good/long standing relationship with them. Come to think of it i am not a 100% sure whether FHA requirements allow for that but i dont see how this would be a problem seeing as you did mention that you will be putting 20% down. Might even qualify for a conventional second if your credit is not too bad.

lisascherzer · Joined: 04 Jan 2008 Posts: 749 0.10 Dollars($)

I would work on keeping up with the mortgage payments until you have 12 months on time payments and then apply for an FHA loan.

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