So I have been going through the steps to get a mortgage. Everything is OK so far. My middle credit score is 650. The mortgage broker said to go ahead with the purchase agreement but isn't 100% sure the underwriter will approve the loan. The problem shes saying may disqualify me is a student loan that has a 30 day late. It was 1 payment though it paid 3 different loans and therefore gave me 3- 30 day late's. she is going to try and explain the situation to them but is unsure if it will pass. I've tried disputing it and its not finished yet though I think it will stay on my record. The lender is Citibank. Also the loan was sold to Sallie Mae and payments have never been missed since.
Any help is greatly appreciated as we have found our dream home. I have 2 small children and a wife and we want this house soo bad.
Applying for mortgage with 30 day late
Welcome to the forums!!!
If you have really defaulted on the loan, then the lender will tell you to get current on that debt first. Otherwise, they will not approve your loan application.
If your mortgage broker can convince the underwriter and explain the reason of default, then they may agree to give you the loan. But it fully depends on their discretion.