topic Re: Can you get approved for a mortgage with a late payment on your credit report? in Mortgage Loans

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

Anonymous — Tue, 22 Jan 2013 08:20:24 GMT

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

tshope4205 — Tue, 22 Jan 2013 14:46:19 GMT

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.

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

Anonymous — Tue, 22 Jan 2013 16:38:56 GMT

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?

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

Anonymous — Tue, 22 Jan 2013 17:15:03 GMT

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.

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

Anonymous — Tue, 22 Jan 2013 17:48:02 GMT

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.

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

Anonymous — Tue, 22 Jan 2013 17:53:54 GMT

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.

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

Anonymous — Tue, 22 Jan 2013 18:00:09 GMT

+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.

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

Anonymous — Wed, 23 Jan 2013 19:43:05 GMT

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.

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

tooleman694 — Wed, 23 Jan 2013 20:12:44 GMT

If its a mortgage late, no way.

They will make you wait a year. They made me.