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If a bank guideline says 1X30 is not allowed for certain loan, is 1X60 automatically not allowed? |
If a bank guideline says 1X30 is not allowed for certain loan, is 1X60 automatically not allowed? i.e. if no more then 2X30 late in last 24 months, does that mean also that 1X30, 1X60, 2X30 and 2X60, etc. are not allowed in the past 24 months? if 2X30 not allowed in past 24 months, then also means 2X30 not allowed in the last 12 months but does that mean 3X30 not allowed? what about 1X60? If 1 x 30 is not allowed than anything worse than that (2 x 30, 1 x 60 etc) would also not be allowed. 1 x 60 is just as bad as a 3 x 30. It really depends on the program you are trying to qualify for. lign="right" > Sign in to vote! 30's represent 30 days late...60 = 60 days etc. Lender programs will state the max they allow. If they allow 1 X 120 then they allow 90's, 60's and 30's to some degree(sometimes they allow more of the lesser offense). However, it is not the same conversely. If they do not allow any 30's then they do not allow any mortgage lates at all. lign="right" > Sign in to vote! lass="explain-text">Sometimes none of the answers get it just right. If so, pick "No Best Answer". Voters DO NOT get any points for voting on the No Best Answer. lign="right" > Sign in to vote! |
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