Do I have a chance?

[Anonymous]

Hi

I am currently trying to get a USDA home loan.  I'm a single parent.  I have a question about qualifying and if anyone thinks I will qualify.

My debt 15,000 in student loan debt-make payments as agreed (late payments on all 8 loans November of 2008, but not since)

I have a old credit card that went to collections but collections paid may 2008.

I have 3 credit cards 1 with $800.00 balance (limit$ 2100) the other 2 zero balance

I do have a very good job employed for 5 years, same position.  I have not had any negative items on my credit reports since november 2008

Checked ficos today trans 638/ eq 645.

Do I have a chance?  Please reply.

[Anonymous]

How many lates in 08 and how late were they (30 day, 60 day, etc)

They want 12 month perfect credit and really want to see 24 months without any major issues.  If you had multiple lates on 8 accounts (especially if any were over hitting 60+ late) that might be too much for them.

[Anonymous]

The lates in 2008, there are 8 of them all from sallie mae all 90 days just late one time in sept 2008.  started paying on time when I found out they were late in November 2008.  The problem was I graduated in late May of 2008.  I assumed (would swear this is the way it works)  I had 6months before I had to start repaying my student loans.  When I contacted sallie mae in Nov 2008, they wanted a crazy amount of money because I was to start repaying in September 2008.  I questioned Sallie mae why I didn't get a notice?, email?, phone call?,  or a payment book? and there was silence on the phone.  I tried to dispute, did work for me.

Thanks for your input.

[Anonymous]

that is a tough call.  8 90 day lates in the last 24 months would almost certianly kill most deals, but seeing how they were all one incident, you have a reasonable explanation, and they were not in the last 12 months you may be OK.  Only 1 way to know.  Apply

[Anonymous]

I did apply I have my first meeting with USDA in the morning.  On edge they called last week to set up appt. I assumed they would want to collect information from me such as w2's, paystubs and they didn't ask for anything.  Sooo I'm assuming its a credit counseling meetin.  I have had perfect credit for 17 months, just keeping my fingers crossed it will be enough.

I will post my results.  Hope its a happy post!!!

But life will go on

[Anonymous]

I was sick when I woke up this morning so nervous about my meeting with USDA.  They said they did not have a problem with my credit.  17 months with perfect credit was good enough for them. So the one time late payments on all 8 student loans wasn't as big of deal as I thought.  So super excited about that.  Bad News..... I make too much money to qualify for a direct loan, which sucks really bad, I only make like 2,000 dollars more than the income limit. I was sent to a bank that worked with the Guranteed loan.  I will know in the next couple days how much I qualify for.  I informed the bank when I walked in the door about my credit, they to said it shouldn't be an issue.  So had a great day!!!!!

Now I know nothing about the Guaranteed home loan.  Anyone offer any help?  Please educated me