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I had a short sale on my home, which left 2 60 day past due payments on my credit report (I had to stop paying before they finance company would even look at the short sale offer). It will be 3 years in July, and I am told these late payments will drop off my credit reports and my credit score will go up.
I am hoping to buy a home later this year, and wonder if anyone can tell me if this is true. I will have had no late payments for 3 years, I will have paid down most of my debt, and have a stable fixed income.
If anyone has had any experience with this, please tell me how many points your credit score was increased by the removal of late payments from your report.
Start the process with NACA now and you should be ready to go in July.
@Anonymous wrote:I had a short sale on my home, which left 2 60 day past due payments on my credit report (I had to stop paying before they finance company would even look at the short sale offer). It will be 3 years in July, and I am told these late payments will drop off my credit reports and my credit score will go up.
I am hoping to buy a home later this year, and wonder if anyone can tell me if this is true. I will have had no late payments for 3 years, I will have paid down most of my debt, and have a stable fixed income.
If anyone has had any experience with this, please tell me how many points your credit score was increased by the removal of late payments from your report.
To the best of my knowledge any late payment, regardless of what type of cirmcumstance or type of account, will fall off after 7 years.
why would I go to the NACA?
The payments may show on my report for 7 years, but I have been told that I will be eligible for a mortgage when the 3 years is up. I'm just wondering if anyone else has experienced this and if their credit score increased substantially after the 3 year period.
NACA doesn't consider credit scores.
They offer a 30 yr fixed mortgage with no money down, no closing costs and no PMI.
Because they are concerned with your ability to repay and not your credit score it takes time and a lot of paperwork to qualify, but in my case it was very much worth it.
That looks like a good program, but after bringing up the details, I find that there is a hidden cost in the NACA loan program. They require a "membership" at a cost of $50 per month, for 5-10 years that is paid with your mortgage.
I am currently looking at the USDA backed loan program, which also has no down payment and no PMI. I may check the NACA out however, and see what will work best.
Thanks,