Student loans and mortgages

[Anonymous]

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I had a question regarding student loan payments and mortgage approval . I have three student loans . One was recently paid off and that has left me with two loans one federal and one private student loan . One has been paid one time for past two years but I made a screw up and have a 90 day late in December of last year . I have paid on time since then and over paid every moth since the late . Due to the late do I have to wait 12 months to be able to qualify for any loan programs ?  

[Mortgage-Specialist]

There are lenders who will make you wait 12 months but that happens to be an overlay. You may be able to qualify now

[ShanetheMortgageMan]

It'll come down to the big picture of your credit.  Have there been any other late payments in the past 12 or 24 months?   What are your credit scores like?

If this is just an isolated late payment, you have decent credit scores, and the reason there was a late payment doesn't reflect you have a disregard for credit then it'll likely be OK.  But if there has been a pattern of late payments, or your scores are borderline, then the 12/2019 late payment have more weight in an underwriter's decision.

[Anonymous]

Thank you for the information. The person I spoke told me doesn't matter how high my credit score or had any other positives since I it was termed seriously delinquency since it was 90 days late once and  I have never missed any other payments with that loan that that alone disqualified me for 12 months . disqualified across the board for any loan program till a full 12  months has lapsed. 

[Mortgage-Specialist]

I can understand why they have that guideline in place to protect themselves. But it is very common for us to close loans with similar late payments such as yours. A different lender is your answer