chances of getting a mortgage loan with 3 late payments

[Anonymous]

I have a total of 3 consecutive late payments (a 30 day, and two 60 day) on my CR. I had set up automatic payments through a company that I bought tires from. Apparently, I needed to add zeros before my account number, and I didn't. So for 3 months, I thought I was paying these people. They finally called me and we corrected the issue, paid so that I was up to date and have been on time ever since.
But they WON'T remove the lates from my report, I have GW the heck out of them. So, I guess I'm stuck with them.
They are from Nov 2014- Jan 2015, so, unfortunately, fairly recent.
What do you think?

[Anonymous]

First question is, what did that do to your credit score? I imagine it took quite a beating and it's pretty recent, too. Is it an installment account or a credit card? You might be able to get by with a letter of explanation depending on what the rest of your credit file looks like. Do you have other longstanding credit card or installment loans that are clean? What's your DTI? Employment history? All of that is taken into account; not just late payments.

Need more info!

[Anonymous]

Sorry, I'll add more info! This was on a credit card. I have 3 other credit cards and a Federal student loan that have all been paid on time for 4 years before this. My current DTI is only 6%. I have been at my same job for 3.5 years, making about 55,000 a year.
I do have one account in collections from 2011, a medical bill that I have PIF.

[Anonymous]

Call the collection and ask for GW delete.  There's a decent chance that they haven't kept that contract and will delete it or tell you they no longer have the file and to dispute it through the CA.  You want your file to be ask clean as it can possibly be when your loan officer submits your file.

Also, have you looked to see if there is a back door phone number for the credit card company you used for the tires?  Different people within the organization may lead to different results.

I will let an "expert" give you advice on the late payments.  I'm in a similar situation with 4 - 30 day lates (2 with 2 different installment loans) in the past year.  SOme on here have said that I have zero chance of qualifying for FHA and others have said that FHA has no rules regarding late paments is you get an automatic approval from the TOTAL system (software program).  The consensus was that if the loan needs to be manually approved then the u/w would deny the loan. 

I'm still in the process and was waiting for a couple updates but should know whether or not I have automated approval this coming Friday (6/5) and will update. 

Good luck!

[Anonymous]

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@Anonymous wrote:
Sorry, I'll add more info! This was on a credit card. I have 3 other credit cards and a Federal student loan that have all been paid on time for 4 years before this. My current DTI is only 6%. I have been at my same job for 3.5 years, making about 55,000 a year.
I do have one account in collections from 2011, a medical bill that I have PIF.

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I'm not a pro by any stretch, except having recently gone through this whole mortgage ordeal myself, but I don't see any huge problems here, honestly. I do think you need to check your mortgage credit score, though, so you know exactly where you stand in terms of your credit score. Those recent lates likely did a fair amount of damage; hard to say how much damage until you check.

[Anonymous]

What are your credit scores? Those lates shouldn't impact your ability to obtain an FHA loan.