Hi guys, please help, I know you can! My husband and I are buying a house and in the process of the credit check one late mortgage payment was uncovered from his previous house loan. The late payment was a mistake, he was on auto pay and his loan was sold to a new lender (penny Mac) and he is so busy he never has time to check his mail, I was part of the mistake too, as I was unfamiliar with Penny Mac and thought it was junk mail. The auto pay stopped forwarding of his payment ( since it had changed hands) and a late payment was recorded. Because of this late payment his credit went from 720 to 655 making us ineligible for a jumbo loan with 10% down at 4.25 percent interest rate. We really want this house and can afford it but think that this one time ding should not result in us having to put down 20% and mortgage insurance!
PS - I'm in real estate and this isn't a case of us buying a house we can't afford, we just don't want to tie up more liquid assets that could be used for investments etc..



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