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