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How long until late student loan payment is not "recent"?

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Anonymous
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How long until late student loan payment is not "recent"?

I applied for a mortgage through Quiken Loans and was turned down because of one collection account that was not yet cleared but was paid, and recent late payments on Navient that were almost a year old. Now the collection has cleared and late payments are a year old last month. At what point are the late payments consider not so recent so I can reapply? My credit scores have not changed, so it worries me that the agencies don't see a difference.

Message 1 of 4
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Anonymous
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Re: How long until late student loan payment is not "recent"?

12-24 months depending on the type of loan and the lender.

Message 2 of 4
Anonymous
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Re: How long until late student loan payment is not "recent"?

This is an overlay, not a guideline. Skip Quicken and look for a direct mortgage lender that can go based on automated underwriting results rather than having to wait a set number of months.

Message 3 of 4
DallasLoanGuy
Super Contributor

Re: How long until late student loan payment is not "recent"?


@Anonymous wrote:

This is an overlay, not a guideline. Skip Quicken and look for a direct mortgage lender that can go based on automated underwriting results rather than having to wait a set number of months.


^^^ exactly

 

 

you can be late last month and still get approved

 

Retired Lender
Message 4 of 4
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