Collections (and charge-offs, if they show a balance outstanding): all must be paid by closing.
Judgments and tax liens: none currently outstanding
Late consumer payments (revolving and installment): Overall credit history (including histories beyond the past 12 months) must not show any pattern of late payments or other derogatory credit. Any 60-day consumer lates should be isolated events.
Housing payments: no 30-day lates in the past 12 months and no more than 1X30 in past 24 months
Loans not meeting the bankruptcy, foreclosure, or short sale/pre-foreclosure dates as listed below are not eligible.
BK: 3yrs (multiple BKs 7)
Foreclosure/short-sale/deed-in-lieu: 3 yrs
Questions? Assistance? Ed Gillespie, First Priority Financial (916) 849-9200