Question: So, my question is, will those marks significantly affect our chances of >obtaining a home loan in, say, 2 years? (Which would be 3 years after the >last blemish.)
Answer: Since most home loans are still being underwritten by humans (as opposed to computers), you should have a chance to explain these derogatory items and appeal to someone’s sense of reason. Since these will have happened years ago when you apply for a mortgage, and if you don’t make a habit of late-pays presently, I really doubt these will affect your application at all.
We had a 60-day late pay on our credit report (LONG story which I will omit) and all we had to do was prepare a “statement” explaining it which was included in our file. That was the first and last time it were mentioned.
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