Not knowing if you will qualify for a mortgage loan may be a bit scary. But to increase your odds of getting approved there are a few helpful steps:
You need to wait for at least two years after the final discharge of any bankruptcy you may have filed.
A waiting period of three years from foreclosure finalization is required for any foreclosure filings.
For the previous one year (12 months) you should have no late payments on your credit report. Mortgage lenders will still consider your application if, for several years you maintained a great credit record but still had an occasional late payment. These payments should not have been late for more than thirty days.
If you are currently renting they may ask for a history of your rental payments. Be prepared to shown that you have consistently paid your rent on time for two years. A reference letter from your landlord will go a long way.
Your application may be disqualified if the guaranteed government loan for your student loan is considered in default. If this is the case the lender may reconsider if you have negotiated an acceptable repayment plan and stayed current with the new arrangements...
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