topic Re: will late mortgage payments prevent me from getting another home loan? in Mortgage Loans

will late mortgage payments prevent me from getting another home loan?

Anonymous — Fri, 09 Jun 2017 12:50:14 GMT

My credit score is in the mid 650s across the board and i would be putting down 30-40% ( 40-60,000) with the pending sale of my current home but I have a couple 30 days lates in the last 12 months. Will this prevent me from getting any kind of conventional loan or do I have to have 0 lates in the last 12 months? Currently i have a FHA

Re: will late mortgage payments prevent me from getting another home loan?

Anonymous — Tue, 20 Jun 2017 15:33:04 GMT

Ive always been told no lates in 12 months on anything that wouls show up on credit report. We had mortgage lates and had to wait until they hit that 1 year mark.

Re: will late mortgage payments prevent me from getting another home loan?

VALoanMaster — Tue, 20 Jun 2017 16:19:15 GMT

@Anonymous wrote:
My credit score is in the mid 650s across the board and i would be putting down 30-40% ( 40-60,000) with the pending sale of my current home but I have a couple 30 days lates in the last 12 months. Will this prevent me from getting any kind of conventional loan or do I have to have 0 lates in the last 12 months? Currently i have a FHA

Hi Myyellowis300,

It all depends on whether or not you can get approved through an Automated Underwriting System. I think with that much money down you stand a pretty decent chance of getting approved for a conventional loan.

If it doesn't, I would decrease the amount down & try FHA.

Re: will late mortgage payments prevent me from getting another home loan?

kc0039 — Tue, 20 Jun 2017 16:50:57 GMT

You can have up to two 30 plus day lates in your mortgage in the past 12 months. It will have to depend on the Automated Underwrting System which VA Loan Master stated.