How strict are lenders when it comes to credit standing?
Lenders give some leeway for lateness. Is your credit less than perfect? You may still meet a lender's guidelines for a mortgage. All credit flaws aren't equal, and some are overlooked more easily by lenders. The most important items are:
- All bills are current and have been paid on time for at least two years;
- Mortgage or rent payments are not more than 30 days late;
- Installment and credit card payments are not more than 60 days late;
- Charge-offs are resolved before applying for a loan;
- Old credit card accounts have been closed out;
- Any late payments have been explained in writing.