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Established Member
Posts: 22
Registered: ‎01-08-2013
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Can you get approved for a mortgage with a late payment on your credit report?

 
Valued Member
Posts: 39
Registered: ‎11-09-2012
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Re: Can you get approved for a mortgage with a late payment on your credit report?

Yes, I had one recent oversight from July 2012 and had to write a letter of explanation regarding the circumstances.  All other accounts had been paid on time for at least several years.


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Current Score: 649 (12.9.12)
Goal Score: 700


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Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: Can you get approved for a mortgage with a late payment on your credit report?

It depends, it is much harder to if you declared BK in the past. Since I had a couple past BKs, my LO said if I had just one late payment, I wouldn't qualify regardless of its age.

Most lenders require no late payments in the past 12 months. Is your late at least 12 months old? And have you ever declared bankruptcy?
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Established Member
Posts: 22
Registered: ‎01-08-2013
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Re: Can you get approved for a mortgage with a late payment on your credit report?

I haven't had any Bankruptcies. The late I have is a 90 day late for a student loan back in August 2012. All the others are over 1 year old.
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: Can you get approved for a mortgage with a late payment on your credit report?

Okay so you will probably have to wait until August 2013 to qualify. I would tell a broker about your late payment in Aug 2012, and see what he says but I think you going to have to wait some amount of time before being able to be preapproved.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Regular Contributor
Posts: 146
Registered: ‎12-04-2012
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Re: Can you get approved for a mortgage with a late payment on your credit report?

We were approved with a recent late payment on my husband's report.  However his credit history was blemish free prior to this, and his score was still above 700. 

Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: Can you get approved for a mortgage with a late payment on your credit report?

+1, if your qualifying score is 700+ with no other blemishes, you can usually get away with 1 late payment or 1 unpaid collection.

My mid fico score is 703, and my UW said the 1 collection that I have doesn't have to be paid.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
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Re: Can you get approved for a mortgage with a late payment on your credit report?

It is possible on 30 day late and brought back up to current.

I personally havent seen approval on more then 30 day late.

Many lenders consider 90 day lates as a major negative factor.

Most likely you will have to wait 12 months from when that account became current. But YMMV depending on lender.
Good Luck
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Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
0

Re: Can you get approved for a mortgage with a late payment on your credit report?

If its a mortgage late, no way.

 

They will make you wait a year. They made me.

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