Can You Get Mortgage Approval With Late Payments?

Getting A Mortgage Approval With Late Payments:

Mortgage loan underwriters frown upon late payments, open collections, charge offs, bank overdrafts, judgments, and tax liens when underwriting a mortgage loan application.   A mortgage loan borrower can get a mortgage loan approval with prior bankruptcies, foreclosures, open collections, bank overdrafts, judgments, tax liens, and late payments.  However, mortgage loan underwriters do not want to see any overdrafts and/or late payments in the past 12 months.  Mortgage Approval With Late Payments in past 12 months is almost impossible. You can get a mortgage approval with late payments with the late payments have been seasoned for at least 12 months. Unfortunately, late payments happen either by mistake or by other reasons.  There are mortgage lenders who will not approve a mortgage loan application if the mortgage loan borrower has had recent late payments in the past 12 months.  Fortunately, I can help those mortgage loan applicants who have had one or two late payments in the past 12 months.

Some Quick Fixes On Late Payments And Qualifying For Mortgage Approval With Late Payments

If you have one or two recent late payments with a creditor, see if you can contact the creditor and ask them sincerely if they can give you a one time reprieve in having that late payment removed off your credit report.  If you have had a timely payment history with the particular creditor who has reported you 30 days late and ask them if they can give you a one time chance, you will be surprised on how many creditors will remove the late payment history off your credit report.  If you have a history of making late payments, the chances will probably not be good, however, if you had a history of timely payments, the creditor can expunge the late payment history.  If the customer service representative says no, ask to speak with a supervisor.  If the creditor agrees and removes the late payment history off your credit report, the late payment deletion will greatly boost up your credit scores as well.

Is It Possible To Get Mortgage Approval With Recent Late Payments?

The right rule of thumb is that you need to wait a minimum of 6 months of timely payments if you have a recent late payment on your credit report.  However, if you are current on the late payments and have a good letter of explanation as of why you were late, then it is possible to still get a mortgage loan approval without the 6 month timely waiting period.  If you have recent late payments on your credit report and need to qualify for a mortgage loan, please contact me at 262-716-8151 or at www.gustancho.com .  Also, we are aggressively processing and underwriting FHA Back to Work Extenuating Circumstances due to an economic event mortgage loans .

Gustan Cho NMLS ID # 873293

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