My husband and I are trying to buy our first home, and have been working with our mortgage broker to get everything in order before taking the plunge. He will be easily approved for FHA, but I have some negatives on my reports from my student loans. I was in deferrment while still in school part time as well as the semester after I graduated from college, but AES reported me late for 4 months during this time and will not remove the lates. Since my deferrment has ended I have never been late on a payment, but the last late reporting is July 2008 (which is less than 12 months, and FHA requires 12 past months of good payment history). My broker says that in the past she has had this happen, and has had luck with clients paying ahead(meaning a bulk payment to cover several months) so that their reports show them paid up for one year. I contacted AES and they said that paying ahead is fine and will be applied to the principal, but does this mean that they will report to the CBs that I have paid up through July 2009? My broker stated that no one is manually underwriting anymore, and so I HAVE to have 12 months of good payment history on the student loan. Has anyone else done this? Please help as this is the only issue holding us back from getting a loan!!!
