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

Established Member

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

 
Message 1 of 9
8 REPLIES
Valued Member

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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Message 2 of 9
Valued Contributor

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?
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
Message 3 of 9
Established Member

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.
Message 4 of 9
Valued Contributor

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
Message 5 of 9
Regular Contributor

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. 

Message 6 of 9
Valued Contributor

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
Message 7 of 9
Valued Contributor

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
May all your dreams and wishes become a reality!
Message 8 of 9
Valued Contributor

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.

Message 9 of 9