Mortgage Loans

[How2increase]

Hi everyone my husband and I are going to be applying for FHA loan in the next 3-6 months. We have been pre-qualified by a mortgage broker but have not yet been pre-approved by a lender. Problem is we need to get to at least a 620. This is what is currently on my husbands credit report....please take a look and tell me what you think if we should be able to qualify.

Capital one: paid as agreed/never late.
Capital one auto: paid as agreed/2,30 day lates oct/nov2011
Td auto: paid as agreed/1 30day late oct2011
Sallie Mae: Paid as agreed/120day late dec2011

2 collections from last year August

The end of last year was very rough for us, we had 2 deaths in the family along with having a newborn and all our children being sick for one hole month. We just really had a lot going on which is why we were late on our car payments. As for sallie Mae we never recieved any notices, I'm trying very hard to get this deleted. Our rent history is perfect and we're actually purchasing a home that our mortgage would be 200.00 less than what we pay now for rent. So what do you guys think? Are we screwed?

I have started the rebuilding process.

[jaypeedee]

Write GW letters to try and get the late payments removed.  Depending on what you have in collections and their status-paid or unpaid may be a deal breaker.  Worse case scenario, if you can get your score up to the lenders liking, you may have to write a letter explaining why you have collections and a few missed payments.  The reasons you have outlined will suffice, I am sure.  Good luck.

[How2increase]

I have been writing GW and had had no success...I'm going to keep trying. In collections is charges from a apt that we moved out of and they billed us 1000.00 bucks for cleaning carpets, paint. I didnt agree with the charges, however we will pay it once the lender tells us it needs to be paid. The other collection is a 55.00 parking ticket which I just sent out a PFD so waiting for a response 😏. As for the "letter of explanation" we already got that together and plan on sending it in along with the other needed documents.

[boomhower]

To be honest it's going to be tough.  Most lenders don't want to see but at most one late in the last 12 months.  With several lates, and a 120 month at that, plus two collections is going to scare off most of them.  I would try working hard on getting the collections removed.  If you can get those gone once you hit the one year mark on the lates you will be in much better shape.

[How2increase]

I'm sure it will be tough but I'm going to do everything in my power to make it work. I am working on the collections. So far I have had no luck with my GW to capital one auto and td auto finance. Idk I'm just going to keep trying. Today has been the most stressful day during my journey in the rebuilding process 😔 im literally in tears.