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Will I get a FHA loan?

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Sammy Guest	Posted: Wed Jan 11, 2012 1:45 am    Post subject: Will I get a FHA loan? Like 0 Dislike 0 I want to purchase a home and am planning to apply for a FHA loan. However, I heard somewhere that FHA won't permit any late payments of mortgage in the last 24 months. Is that true? I'm separated from my husband who was 30 days late 4 times in 2011. He’s responsible for the payment as per our separation agreement and promissory note. Won’t I be able to get a FHA loan this year? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jerry Moderator Joined: 17 Oct 2005 Posts: 2708 Location: MICHIGAN 429.63 Dollars($)	Posted: Wed Jan 11, 2012 3:41 am    Post subject: Like 0 Dislike 0 Hi Sammy, As far as I know, FHA loan underwriters will mainly take into account your credit over the last 12 months. They are not overtly concerned about minor late payments which happened 18, 24 or 36 months ago. Now, you will have to have a word with your local FHA lenders and check out what they have to say in this matter. Thanks, Jerry
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Fri Jan 13, 2012 2:02 pm    Post subject: Like 0 Dislike 0 Four 30-day lates isn't going to impress any lender, but if you have your documentation available and advise any prospective lender of the circumstances, then a reasonable underwriter will consider your case based on that. I don't believe it's out of the question for you to seek such a mortgage, despite the late payments your former spouse had. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
skydendredge Joined: 22 Jul 2011 Posts: 69 12.09 Dollars($)	Posted: Fri Mar 16, 2012 5:58 am    Post subject: Will I get a FHA loan? Like 0 Dislike 0 The eligibility criteria to obtain a FHA loan are comparatively easy. Usually, your last one year's credit history will be taken into consideration while granting you the FHA. Moreover, if you can provide documents supporting your claim that your husband was responsible for the past defaults, it will not at all be difficult to obtain the FHA Loan.

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