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Understand how your bank thinks. Credit reports and scores!

Your bank will want to make sure that you will willingly pay your mortgage after closing.
1) Late  payments. People miss payments. A 30 day late will not proclude you from financing so long as there is not a pattern of lates (3 or more) over the last two years.that said, I have had many cases where the borrower was able to get the creditor to remove lates from reporting. I can tell you what to say.
2) 60 day Lates. This can be a problem. After 30 days the creditor will normally contact you and try to get payment. A 60 day late says "I dont have the money" this will need to be addressed as early as possible in the mortgage process. Bring it up to your loan officer because it will come out!

There are many variables here and every situation is diffrent. Feel free to ask me any questions and ill respond in 1 hour.
  • October 10 2013 - US
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