Why does nobody talk about the 30-day late payment rule with credit repair housing?

I mean, I kept seeing people in my local Omaha group trying to buy a house while a 30-day late was still on their report from 3 months ago, and they kept getting denied. My loan officer told me most lenders need to see at least 6 months of perfect payments after a late before they'll even look at you for a special program. Has anyone else had a lender confirm this specific timeline?

3 comments

3 Comments

torres.blair6d ago

That "6 months of perfect payments" rule isn't set in stone. I've seen some portfolio lenders approve people with a recent late if everything else looks strong. It really depends on the lender and the rest of your file.

leob586d ago

Consider the loan officer's own track record. A loan officer with a strong history of clean files might get more leeway to push an exception through underwriting. Their personal credibility with the approver can sometimes tip the scales.

abbyp616d ago

Guess it's not the end of the world then. leob58 has a point about the loan officer's pull mattering too.