My credit score is 667; however I was late on my house payment in June. Is there a bank that will work with me; I will be giving a 25% down payment.?

Asked by Diane Smith, Sanford, NC Sat Oct 23, 2010

I purchased a house for an investment prior to real estate crashing. I finally got the house sold (June 2010); however Bank of America offered my a reduction in my payment that I accepted. I did so not knowing it would appear "late on my credit report". I have a credit score now of 667, sold that house in June 2010. I have been pre-approved for a 200,000 (FHA or conventional) mortgage and I'm putting down 20% down. The Banker said that she did not know what the automatic system would do when it saw the late payments back in June. And if so I might could explain it. That bank is BB&T. Is there any bank that would approve my loan if it shows me late back in June (I was paying the agreed about that Bank of American offered and on time, the interest they waived; however, it made me look like I was late). I

I wished I had NEVER took the advise of Bank of America.

Thank you for your help! I am so anxious over this that it is sickening to me

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Monir Mamoun, Agent, Denville, NJ
Mon Oct 25, 2010
Borderline condition which depends on the lender. If they will take a letter from BofA that will help. You might be able to get by with 1 30 day late. Beyond that and you need a year to clean it out before you get back in the safe zone.
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Lynn Gulledge, Agent, Oak Island, NC
Mon Oct 25, 2010
Hi Diane ............. I'm sure that there are some lenders in our area that will consider working with you. Many of my clients have used Libby Tamson from Prime Lending. She has many years of experience in the mortgage lending market and has access to a number of different money sources. Let me know if you would like her number and best of luck!
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, ,
Mon Oct 25, 2010
Hi, Diane. In this current clime, if you're late within the last 12 months you will not be eligible. However, that's a lender overlay (rule) and may be subjective depending on the lender. If you can explain the late, get verifying documentation from BOA, and since it was a investment property that you're now free and clear of, you may have a chance so long as your DTI (debt-to-income ratio) , once you've added the new mortgage payment, is not maxed out.
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Christy Schw…, , Sarasota, FL
Mon Oct 25, 2010
My company will lend for you if you have had only 1 late in the past year. 667 is a decent score and would be enough to get a loan with 20% down.
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Christine Mc…, Agent, Valparaiso, IN
Mon Oct 25, 2010
Your credit score is good and with 20% down I don't think you'll have a problem. They will look at other factors besides that one late payment. The income will still need to be there. The debt to income ratio must also be low.
Good Luck,
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Cheryl Kuntz, Agent, Southport, NC
Mon Oct 25, 2010
I think that if you can explain it you may be able to get a loan but if not, you will have to wait for a year. Is it a 30 day late or a 60 day late? That is going to make a huge difference. I work with Pete Chilberg of Alpha Mortgage and he would be more than happy to help you and let you know what your options are. Let me know if you would like his number.
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