MORTGAGE APPROVED WITH 120-90-60-120DAY LATE PAYMENTS!

FHA mortgage lenders requirements regarding 120,60,90 day late payments?
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NEW 120 DAYS LATE MORTGAGE REFINANCE PROGRAM UP TO 70% OF THE HOME VALUE.

The FHA mortgage lenders must examine the FHA mortgage applicants overall pattern of credit behavior, not just isolated unsatisfactory or slow payments, to determine the FHA mortgage applicants creditworthiness. FHA mortgage lenders must evaluate the FHA mortgage applicants payment histories in the following order:
(1) Previous 120 day late payments on housing-related expenses, including utilities;
(2) Previous 120 day late payments installment debts; and
(3) Previous 120 day late payments on revolving accounts.

Previous 120 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 120-day late mortgage payments or installment payments in the previous 24 months.

Previous 120 day late payments on revolving accounts. FHA mortgage lenders may approve the FHA mortgage applicants with an acceptable payment history if the FHA mortgage applicants have 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.
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 120 day 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 120-day late mortgage payments or installment payments in the previous 24 months.

BAD CREDIT MORTGAGE LENDERS PROGRAMS INCLUDE: