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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?
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torres.blair6mo 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.
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leob586mo 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.
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abbyp616mo ago
Guess it's not the end of the world then. leob58 has a point about the loan officer's pull mattering too.
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