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I have a ninety day late reporting at Sallie Mae for October 2011. Will this completely destroy my chances at getting an approval? Thanks to reading these boards, I have had one late payment removed from my credit report, have had 3 collections accounts removed and seen fairly decent FICO score increases since December and feel my middle score is where it needs to be - banking on Experien being the highest as it has very little derogatory except for the paid charge-off in April 2010 and some other 30 day lates/60 day late from over a year ago.
I'm also working on my husband's report and it has been cleaned up somewhat but his most recent collection is from 1/12 - will that hurt us too? Am I just aiming too high to think that we can start the process of purchasing a home?
I was late because I moved and the forbearance ended on my student loan account. They backdated the forbearance but won't remove the late. I love Sallie Mae
Should I just wait until next year and keep on renting?
I am not an expert, but I just read a thread yesterday addressing a similiar situation. I thought it might be helpful to you. http://ficoforums.myfico.com/t5/Mortgage-Loans/Denied-on-FHA-today-when-to-re-apply-again/td-p/13775...
Well this is not what I wanted to hear!!! Was hoping that there was one person on here who'd had some success but I had read that thread late last week. I'm disheartened but we can rent and wait until next year... As much as I don't want to - it will give us time to save up...
Wondering if going with my local bank (as noted in my "How Hard is IT Going To Be" thread will make it easier - she's given us two mortgages and labeled them as consumer loans but both were under $75,000 and we need to borrow $128000 so not sure how that will work.
Thanks for your response though!!
EDITED FOR TYPO