A few questions rapid rescore and approval help with late pays

[Anonymous]

We did a payment plan with wells fargo in the summer of 2007, not knowing it would effect our credit into 2008 our last late is showing in march of 2008. We had no idea how this would end up on our credit for so long. It makes since but our actual lates were july, august and sept, of 07 but they are reporting it late untill our plan was paid in full.

 I was told by one lender to make february and march payment to have 12 full months of payments on time so we did. Also yesterday I paid off all credit card debt down to zero. When I asked about a rapid rescore he said he would have to have letters from the companies showing a zero balance to do the rescore. ??? Any idea on how long this will take?

Also we have written our letters of explanation on every ding on our credit in the past 2 years and have every piece of documentation possible on a loan, with credit scores of     583, 593, 667 his     630, 631, 630 mine (before credit cards paidin full) what our our chances of getting approved for usda?

[ShanetheMortgageMan]

What was the payment plan on?  The mortgage?

And yes, letters from the creditors (not statements) writing out that you have a $X balance on XX/XX/XXXX date on XXXXXXX account number, also listing your name on it, and contact information for the creditor, is needed for the rapid rescore.  It can take 1-5 days to get the letters from your creditors, and then rapid rescoring usually takes about 3 days.

Since one of you has a 620+ score that helps compensate, but we'll need much more info on the rest of your situation... income, debts, where you are buying, sales price, etc.

[Anonymous]

The payment plan was on our mortgage.

REASON:  My hub got a better job and then it started to reain causing his hours to drop I had the month before gone to an oncall status and was not working. I quickly went back to work and got a 2 dollar and hour raise I asked wells fargo repeatedly if this would keep us in good standing with them they told me yes or we would have borrowed mony to pay off our lates but they advised the payment plan.

Our Debt to income is great even before paying off credit cards we make about 93k together have just our car at $520, 4wheeler at $180 , furniture at $116

The house is 218500.00 in East Texas

1-30 jan 08

1-30 jan 08

1-30 june 07

1-30 jan 07

owe verizon 816 last active in 2007 will pay if we have to (i hate them)

[ShanetheMortgageMan]

If the 2/08 payment was the last 30 day late payment, then I agree with making the 2/09 payment first, as then you'd have 12 months of on time mortgage history.  If the last late was 3/08 then you'd need to make 3/09's payment in order to have 12 months of on time history, etc.  However 1 mortgage late in the last 12 months isn't a deal killer, and since it was 11 months ago and if you have a 620+ score, then chances are it'd still be OK to have that late within 12 months.  Plus the reason for the late payments isn't something you had direct control over either, which is better than blowing all of your money on a vacation, on clothes, etc, and not having enough leftover for the mortgage.

With the income you are making have you checked the income eligibility levels for USDA?  The income levels are increasing in March (would have been this month but it was delayed from my understanding) but if you are looking to buy before then you'd have to fit current income eligibility levels.  You can check them out at http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do.