1)If you have late payments in the last 12 months and your mid credit is over 620 FICO ,we ignore the late payments .We use a letter of explanation to document the lates.
2) If you have late payments ,in the last 12 months,and your mid fico is less than 620, we run a credit analyzer test to see if the fico can be raised to 620 +.
3) WE APPROVE LOANS DOWN TO 550 mid FICO ,if you have no lates in the last 12 months.
1)We use the above late payment guidelines to collections and chargeoffs also .However if there is a new collection opened in the last 12 months but was related to a late payment over 12 months ago ,we consider it as a late over 12 months back and can again go down to 550 FICOs
2)We generally do not require collections or chargeoffs to be paid,irrespective of the amount of collection or chargeoff
1)Generally unsatisfied judgements need to be paid prior to closing your escrow
2)Unsatisfied Tax leins may be OK subject to them being under a payment plan with the IRS or an OK from the IRS prior to purchase the Home
1)We need a clear two year period from discharge of Ch 7 BK unless you can prove accentuating circumstances.
2)In the case of Ch 13 BK we count the period from the filing date.(discharge date is not material).The Ch 13 may still be open and you can be approved for a loan subject to Ch 13 trustee approval.
3)We need a clear three year period from your foreclosure date.This may be relaxed if you can prove accentuating circumstances