First time home buyer with a 30 day late Please help!

[glamchick]

How long do i have to wait to try and get a mortgage for a home if I have a new 30 day late?  I am a first time home buyer and my car loan made a mistake and put a 30 day later and will not remove it.

[DallasLoanGuy]

You can still apply. If the credit is otherwise good, automated underwriting may still approve.

They admitted the mistake? Will they put it in writing?

They are in violation of more than one act of congress if THEY made a mistake and won't fix it

[Anonymous]

did they incorreclty credit a payment, or did you guys have some sort of payment arrangement/etc that got messed up.  They can report you late if for any reaosn (even if they wer in the loop on it), your payment was not recieved prior to the 30 day mark.  It doesn't matter what a CSR tells you as far as payment arrangements/etc. 

That said, if you made your payment before he 30 day mark then they can not report you late and you need to fight it.

[glamchick]

Ok this is what the CSR is telling me I made my payment on the 29th day but my payment did not go through to there system until the 32nd day.

So am I right in fighting this?

[rockymtngrl]

Thats probably more of a question for the credit forum. But I also think we would need more info. How did you pay? For instance I know with my car payment thier online and phone payment cutoff time is 2:00pm est. So if the 29th day was a Friday and you paid after their cut off time they would'nt post it to your account until Monday making it 32 days late. See what I mean?

[Anonymous]

no, you can not fight that.  It is your reponsibility to get your payment to them within established cut off times.  IT sounds like the 29th day was proabbly a Friday sa it got recorded on Monday.  That is standard procedure.  In fact, alot of payment systems do not credit a payment until the following day as it has to clear through the system.  In the creditors eyes it as not a mistake but either laziness, forgetfullnes, or a mistake on your part to wait until the last day to pay it.  They may remove it through goodwill letter if they feel nice that day, but in general this is on you, not them.

[Anonymous]

also, if this just happened in tha last month, expect a hard inquiry into why you are trying for a home laon when you couldn't make your car payment and possibly them wanting to see the car showing current in reports for a month or two to make sure you are caught up.  One 30 day late does not have to be a deal killer, but you got to have a good solid file to get that through.  Solid income, DTI, reserves, etc.

Look at it like this.  When your file is clean, they are looking for reasosn to approve you.  When your file is not clean, they are looking for reasons they should not approve you.  A simplification for sure, but kind of true.