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A loan is needed? Is is possible?

We recently had a loan modification on our current home. During the process they stated that is would not hurt our credit. However, it hit our credit with a sixty day late. We would like to rent our current house and buy something else that fits our family. We were told that we do not qualify for a FHA loan because of the late on our credit. We can not have a late within the last year. Do we qualify for anything that is not FHA or does that follow FHA rules? Or does this 12 month rule impact all loans? If we did qualify what would that loan look like?
  • February 18 2010 - Redlands
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Answers (2)

Also, t add to Justin's remarks, if you could refinance you would need to qualify with both house payments.

If you recently had a loan mod that would surely be out of the question. Also, with your loan mod it is constantly being reviewed. One of the conditions, I believe, is it has to be owner-occupied, although I may be wrong on this. Please check your documents. .... Best wishes, Rudi
  • February 18 2010
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FHA, Fannie Mae and Freddie Mac will all be automatic decline with a 60 day mortgage late last 12 months.  

  • February 18 2010
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