Is It Possible part II

[daninicole]

I had great credit (740's) for most of my life. I bought my first house, got married, a kid, and a couple of cars. Fast foward to last year. Decided to sell my house because my family outgrew it (2 bedroom condo). So we put it up and it took about a year to sell. Eventually we sold but we took a loss to get out of it. It wasn't a huge lost just enough where a few bills got behind. Fast forward to now. So my credit took big hits with a few lates, one up to 120 and one up to 150. I have been paying them down and my credit scores are steadily rising. I don't know much about how credit scores shoot up, but if it continues I will be back in the range of homebuying possibility soon. My experian is actually at 640.  My credit balances are high so I know once I pay them off my score will shoot up. I plan to pay down to between 10 and 30% of the balances. My question is if my scores reach decent numbers but I have lates, what are the possibility of me getting a mortgage. My credit has been good from 2000 up until the first half if 2013. I don't have any lates on my old mortgage just a few CC bills. Will the lates put me out the game for 2 years or will my previous good credit history and good credit scores allow me to be able to get a home sometime this year. I also make decent money 85k and have been at my job for 5 years and I get two raises a year. I also plan to put down a nice down payment.

Second post. Sorry for the duplicates

[J_G]

You need to send a letter to the company you have the lates with and ask them very nicely if they can forgive those lates. Explain your situation and let them know you are trying buy a house and that you wont fall behind again. It is called a GW letter. A lot of people on here have had great success with them! Also, if you go to the rebuilding forum here you will get some great advice. People can also show you some templates letters that worked for them. Also, people have had success over the phone. Good luck! I dont think you are to far off at all and can have your credit where it needs to be in a couple months! With a little advice from this forum you will be able to get your scores up. There are paople on here with far worse credit issues then you buying houses right now 

[ShanetheMortgageMan]

Once the most recent late payment is over 12 months old your credit should be good enough to qualify.  If they won't remove them then just prepare to explain what happened, it'll be obvious to underwriting that this was a one time event since it sounds like your credit was perfect before you had to bring in funds to sell (point out that you wanted to do everything possible to avoid a short sale).