FHA mortgage lenders requirements regarding 30,60,90,120 days late payments?
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(1) Previous 30 day late payments on housing-related expenses, including utilities;
(2) Previous 30 day late payments installment debts; and
(3) Previous 30 day late payments on revolving accounts.
Previous 30 day late payments on housing-related expenses, including utilities; The FHA mortgage lenders may consider FHA mortgage applicants to have an acceptable payment history if the FHA mortgage applicants have made all housing and installment debt payments on time for the previous 12 months and NO more than (2X) two 30-day late mortgage payments or installment payments in the previous 24 months.
Major derogatory credit on revolving accounts must include any late payments made more than 90 Days after the due date, or (3) three or more payments more than 60 Days after the due date.
If an FHA mortgage applicants credit history does not reflect satisfactory credit as stated above, the FHA mortgage applicants payment history requires additional analysis. The FHA mortgage lender must analyze the Borrower’s delinquent accounts to determine whether late payments were based on a disregard for financial obligations, an inability to manage debt, or extenuating circumstances. The FHA mortgage lender must document this analysis in the FHA mortgage applicant. Any explanation or documentation of delinquent accounts must be consistent with other information in the file. FHA mortgage lenders may approve a borrower with a credit history that doesn’t meet the satisfactory credit history described above, only if the delinquency was related to extenuating circumstances beyond the borrower’s control.
FHA LATE PAYMENT QUALIFYING SUMMARY
- NO major derogatory credit on revolving accounts in the previous 12 months. Major derogatory credit on revolving accounts must include any late payments made more than 90 Days after the due date, or (3) three or more payments more than 60 Days after the due date.
- NO more than (2X) two 30-day late mortgage payments or installment payments in the previous 24 months.
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For additional information see FHA Mortgage Lenders Handbook 4000.1 II.A.5.a.iii