When applying for a mortgage, how far back does a mortgage lender look? Do lenders weight issues from 6 years ago, the same as an issue from 1 year ago?
they look at the last 12 months mortgage history only. bankruptcies and foreclosures they look back 4 years and most times and open judgement or collections need to be paid off. that is for conforming loan products. with subpirme the guideliuines are much looser but the rates are much higher. there areotherissuesthey look at as well like debt to income ratios and laon to value
Maximum number of years a mortgage lender looks at credit issues?
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they look at the last 12 months mortgage history only. bankruptcies and foreclosures they look back 4 years and most times and open judgement or collections need to be paid off. that is for conforming loan products. with subpirme the guideliuines are much looser but the rates are much higher. there areotherissuesthey look at as well like debt to income ratios and laon to value
References :
http://www.milwaukeehomeloans.net
I cant tell you how much it matters, but the last time I bought a home 3-years ago, they knew about a home I had bought over 20-years ago.
References :
Home owner.