BEST TIME to apply for a mortgage (after a serious delinquency).....

[I_SUFFER_FROM_FICO_ENVY]

Hello everyone.  I was told it would be better if I asked this question on this forum (instead of the mortgage board).

The only negative on my credit report is my student loan.  Before I was able to get a hold on this "installment" loan, it was in "serious delinquency" status (showing 180 days late) for a few months.

The positve, though, this late payment history is presently now current for 18 successive months. 

So, I was told here previously that the MAJOR impact of a serious delinquency like mine (i.e, an installment loan showing 180 days late for multiple months) will affect my FICO the first 24 months severely and much less after that.  I think it was MarineVietVet that said it will severely impact me for 7 years, IIRC.  So, I was wondering, do you FICO gurus think I will be safe applying for a mortgage early this Spring (which will be 27 months of on-time payments since the "serious delinquency").  I will be applying for a mortgage at that time (as early as April) 

My best guess is that my FICO scores will be the least impacted at 27 months removed from my "serious delinquency".  Thoughts? 

FWIW:  I carry a total of $24K in credit card limits.  I keep that balance to less than 10% whenever I apply for a CC or auto loan, for example.  Also, the AAoA is about 4 years on Equifax and Experian and 5 years on TU.  My oldest "active" account is 10 years.  And, I show one active auto loan and one closed auto loan.  The rest are credit cards.  Approximately, 16 accounts.

Thanks in advance.

[llecs]

I don't know lending standards these days, but you can always apply and find out. Aside from the inquiry, it wouldn't hurt. Just make sure you have done everything you can humanly do leading up to the app like getting each CC to report $0 but one (leaving that one under 9%), getting your DTI in check, bank accounts squared away, opting out (important), etc.

You probably wouldn't notice too much of a difference in score on that baddie alone. FICO scoring is dynamic and while you probably wouldn't see too much of a gain on those lates, other factors might be weighing more by then like util. You'll see the pos/neg factors in your FICO reports shake up a little between now and then. And of course GW the lates between now and the app (well, stop a month prior just in case they decide to add a dispute comment).