Comments on: How bad is one negative point on your credit report when applying for a home loan?

By: Arjun T

Arjun T — Sun, 12 Oct 2008 21:08:55 +0000

Get an online auto loan quote. The automated questionairre will give you results based on your credit and financial situation. It’s free and you can get an answer in minutes.

By: Kayden

Kayden — Fri, 10 Oct 2008 04:48:30 +0000

When applying for a home loan your credit report will be reviewed and you may be required to provide a number of other details, including: Employment and income records, Tax Returns for the last few years List of assets, List of liabilities and what you owe, Your budget showing monthly living expenses so that you can demonstrate an ability to pay.

With this information you and your lender will be able to determine the kind of home loan and size of the right mortgage for you. In some cases, you can obtain a pre-approval or pre-qualified certificate, which shows how much you can borrow so that you can then shop for homes in an appropriate price range.

By: STEPHANE O

STEPHANE O — Tue, 07 Oct 2008 13:24:27 +0000

I agree with every one else if this is the only thing you have to worry about, your fine.

By: Zzyzx

Zzyzx — Sun, 05 Oct 2008 16:35:15 +0000

If that’s the only issue you should be fine.

The only issue is your debt to income ratio. You have to take into account the obligation of the car. That will hurt you more then the 31 days late.

By: SPIFIMAN1

SPIFIMAN1 — Thu, 02 Oct 2008 09:41:26 +0000

Don’t worry about it.

While the late will show for 7-years only the last 24-months worth of payment history actually shows on your report so while they will know that the account was 1 x 30 days late they will not know when the late was made.

The last 24-months of payment history is the most important.

Just make sure your brother in law doe’s not mess up again and you should be fine.

By: spraynwalls

spraynwalls — Thu, 02 Oct 2008 01:45:45 +0000

It wouldn’t have been significant before the crash. since the crash, every little thing is scrutinized. Chance are, you’ll be okay; only you won’t know until the process starts and gets reviewed.