If it's just one late you might get lucky with an LOE, but it is an FHA requirement to have 12 months clean credit.  Stay positive but be realistic.  Another poster here was right up to the second with Wells Fargo and they pulled the plug on her, and I've read stories of others too.  However, everyone else out there who probably did get approved didnt come here to the forum to tell us.  So you don't know the odds.  Good Luck!