late mortgage payment

[Anonymous]

We were 30 days late last November on our mortgage payment.  We have not been late since then.  If we wait until after November to apply for a new construction loan, would we qualify.  Our credit scores are between 700-715?  I was not sure if we needed to wait more than a year to try to qualify

[ShanetheMortgageMan]

Are you talking about qualifying for a loan to build a home, financing the construction along the way with draws, inspections, re-inspections, etc.?  Or are you talking about buying a new home after it's been completed?

New construction financing is unique to the lender offering it, there is no standard guidelines that the entire industry plays by (unlike USDA, FHA, VA & conventional), if there was only 1 mortgage late, and it's over 12 months old by the time you apply though, then I'd say for a construction loan you should be OK, and if it was to buy a home at completion, you should also be OK for the permanent financing as well.