Mortgage Loans

[tshope4205]

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.

[MovingForward_2012]

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?

[mzchell06]

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.

[MovingForward_2012]

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.

[violetsmom]

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. 

[MovingForward_2012]

+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.

[JM-AM]

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.

[tooleman694]

If its a mortgage late, no way.

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