Will past Mortgage lates prevent me from getting a loan?

[Anonymous]

I have multiple 30 & 60 day late pays over the life of my loan (14yrs.) I have not had a late payment in 12 months. Is it possible for me to qualify for a home loan? Or will these multiple late pays forever haunt me? I sold my home and am living with a relative until I can qualify for a new loan. I have a very large down payment (@ 55% down) but not sure if 12 months in the past is enough time gap for me to be considered for a new mortgage loan. I have tried MULTIPLE Goodwill letters, no luck. They say, this is accurate and we legally have an obligation to report accurate info. Any comments or suggestions is appreciated!

[MarineVietVet]

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@Anonymous wrote:

I have multiple 30 & 60 day late pays over the life of my loan (14yrs.) I have not had a late payment in 12 months. Is it possible for me to qualify for a home loan? Or will these multiple late pays forever haunt me? I sold my home and am living with a relative until I can qualify for a new loan. I have a very large down payment (@ 55% down) but not sure if 12 months in the past is enough time gap for me to be considered for a new mortgage loan. I have tried MULTIPLE Goodwill letters, no luck. They say, this is accurate and we legally have an obligation to report accurate info. Any comments or suggestions is appreciated!

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Hello and welcome to myFICO.

I'm certainly not one of the mortgage gurus we have here but I'll jump into this. A 12 month clean payment history might be enough but I can't predict what kind of rate you might be charged.

Do you know any of your FICO scores? That would give you a nice baseline to work from. You can buy one two or all three here.

Scoring looks not only at the number of lates reporting at any one time but also how old they are and how severe, i.e. 30 days late, 60, 90 etc. What are the details of those lates?

Do uou have any other negatives such as collections, charge offs, bankruptcies and such?

May I suggest you read this thread for information? Do I Qualify?

Good luck to you!! I'm sure the experts will be along soon to give you better advice than me.

[Anonymous]

Thank you!

I have:

3 Credit cards with no lates , all balances under $100

2 Installment loans with no lates, could be paid off if necessary (total under $2500)

No Bankrupcy, Collection or lates other than my mortgage.

Mortgage is 14yrs old, I have 2 60 days and 3 30 days in 2012 - 2013. I have had NO lates for 12 consecutive months. I sold my house last month and now have no mortgage payment either.

I am a Fico member, my scores are crap thanks to my late pays, even though they were 12 months ago, plus I have litte credit, not a big CC user.

Transunion 592, Equifax 620, Experian 626

[MarineVietVet]

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@Anonymous wrote:

Thank you!

I have:

3 Credit cards with no lates , all balances under $100

2 Installment loans with no lates, could be paid off if necessary (total under $2500)

No Bankrupcy, Collection or lates other than my mortgage.

Mortgage is 14yrs old, I have 2 60 days and 3 30 days in 2012 - 2013. I have had NO lates for 12 consecutive months. I sold my house last month and now have no mortgage payment either.

I am a Fico member, my scores are crap thanks to my late pays, even though they were 12 months ago, plus I have litte credit, not a big CC user.

Transunion 592, Equifax 620, Experian 626

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That information should help the experts with their advice.

Be patient. Sometimes just the right person has to come along and answer you.

[Anonymous]

We are in a similar situation, so I am looking forward to hearing what the experts say!

[StartingOver10]

Charmingspirit:  If you were my customer (I'm a Realtor and not a lender) I would have you make application with a lender that funds their own loans (mortgage banker). Or go to a portfolio lender.

You have excellent compensating factors:  your down payment is large so the LTV is low and you can show 12 months without a late payment.

Stay away from the big box banks. They are too conservative now for you. 

Stay away from Quicken Loans.

There are good mortgage bankers available that will tell you right away what they can and can not do. Make sure you ask them about the late pays when you interview them.

Make sure they do their own underwriting and funding and you will be fine.