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TLE30601

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FHA loan approval
Based on credit karma I have a 699 credit score. I would like to get approved for a FHA loan but also have 3 late payments on my credit report; 2 from last yr (Feb and April 2014) and 1 from 2 yrs ago (Oct 2013). Will this affect my approval?

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Yes, but....

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Any history of late payments will impact the rate and ability to get a loan, but the further back in your history the lates are, the less impact they have.  These impacts show up in  your score.  The best action to take is to talk to a bank or mortgage broker about your specific situation and they will let you know what they can do for you.  It would be better if all of your lates were at least a year old, but creditors also know that things happen.  If you are current on all of your bills and your debt-to-income ration is less than 35%, you are likely going to be able to get a FHA loan, but you will also be paying a higher intrest rate than if you had a clean credit report.

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Good luck and let us know how it works out!

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