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90 day late and FHA

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Anonymous
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90 day late and FHA

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 Smiley Sad

 

Should I just wait until next year and keep on renting?

Message 1 of 8
7 REPLIES 7
Anonymous
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Re: 90 day late and FHA

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...

Message 2 of 8
Anonymous
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Re: 90 day late and FHA

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!! Smiley Happy

 

EDITED FOR TYPO

Message 3 of 8
Anonymous
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Re: 90 day late and FHA

Sorry to be Debbie Downer. I am sure someone who knows more than I do will come along with positive news. What I can say, honestly, is that I've been in your shoes and time does heal FICO wounds. Stay the course!
Message 4 of 8
How2increase
Regular Contributor

Re: 90 day late and FHA

😔 sorry. I am in the same situation. People here say absolutely a no go but I spoke with a LO at Furst guaranty mortgage and he said that I have a good chance in the next few months we would just have to write a good LOE. Now I don't know how much that is true, I don't know what he would gain from getting me to apply then denied. I think you should call them and see what they can do for you.
Jan 2012 TU 517 EX(fako) 524 EQ 470
Current score LENDER PULL TU 652 EX 641 EQ 617
Yayy we made it!!!
Message 5 of 8
Anonymous
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Re: 90 day late and FHA

My husband and I have decided to wait until after the first of the year... I think we can really save a lot of money between now and January/February and can buy the house we absolutely want, not the house we can settle on. This is our third house so i am Ok with waiting a few more months and hopefully get right into automatic underwriting. I just can't handle getting denied. I feel like forces bigger than me are at work here so I'm content with waiting and today my husband said he is very content with doing the same. And it is just as well. Because my car is about to die and I need to finance one and that means my credit will take a dip. My Honda has 220,000 miles on it and I commute 100 miles per day and cannot take the chance i will break down! I wish you good luck with first guaranty though!!!!!!!!
Message 6 of 8
How2increase
Regular Contributor

Re: 90 day late and FHA

Honestly I feel the same, I would prefer to wait until January but I really don't want to lose this house. This home isn't my dream home but it's a GREAT price and PERFECT location. I don't know what to do. Kind of scared I won't find another house in that area for such a good price.
Jan 2012 TU 517 EX(fako) 524 EQ 470
Current score LENDER PULL TU 652 EX 641 EQ 617
Yayy we made it!!!
Message 7 of 8
Anonymous
Not applicable

Re: 90 day late and FHA

My husband loves, loves, loves the house we have found... I do not hate it but want something newer and a jetted tub in my master. That doesn't matter to him sooo content with waiting. Of course if I wake up tomorrow and the 90 day late is gone I would move in tomorrow because renting and moving to another rental then buying is not my idea of fun!!!
Message 8 of 8
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