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Can I Get Home Loan With a Prior 120 Day Late Mortgage Payment
Every mortgage lender are giving me the same story for being late 120 days on a past mortgage loan payment in the past 24 months. Mortgage lenders, mortgage brokers, loan officers from banks and credit unions all say any mortgage that has been late 120 days or more is considered a foreclosure. Most lender consider a borrower with a 120 day late on a home loan the same as a foreclosure.
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3 Replies
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Many mortgage lenders consider any borrower with a 120 day mortgage late payment the same as a foreclosure. However, this is not an agency mortgage guideline but rather a lender overlays of the lender. Whether you can get a home mortgage loan after having a prior late payment on your mortgage depends on various factors, including the severity of the late payment, how long ago it occurred, your credit score, income, debt-to-income ratio, and the specific policies of the lender you’re applying to.
Here’s how different factors might affect your chances:
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Severity of the Late Payment: A single late payment might not be as detrimental as multiple late payments or a history of late payments. A late payment that occurred a long time ago might also have less impact.
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Credit Score: Your credit score is a significant factor in mortgage lending decisions. If your credit score is high despite the late payment, lenders may be more willing to overlook it.
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Income and Debt-to-Income Ratio: Lenders consider your income and debt-to-income ratio to determine if you can afford the mortgage payments. A strong income and low debt-to-income ratio could compensate for a past late payment.
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Lender Policies: Different lenders have different policies regarding late payments and other credit issues. Some lenders might be more lenient than others.
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Time Passed Since Late Payment: Generally, the further in the past the late payment occurred, the less impact it will have on your mortgage application.
Before applying for a mortgage, it’s a good idea to check your credit report to see how the late payment is affecting your credit score. You can also consider reaching out to lenders or mortgage brokers to discuss your situation and get an idea of whether you’re likely to qualify for a loan.
Keep in mind that even if you’re approved for a mortgage, having a prior late payment might affect the terms of the loan, such as the interest rate you’re offered.
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Someone was just telling me today that 2024 that foreclosure was supposed to be an all-time high… Anybody know the truth of that?
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Yes, @Lilboss that is true. Inflation is skyrocketing to 30 year highs, mortgage rates are surging and went up from 3.0% two years ago and now is 7.5%, home prices have gone up 50% or more in many parts of the country so many homebuyers are priced out of the housing market, grocery prices are double and triple of what they were, the media is lying, Big Mac meals are $18.00, the coronavirus outbreak is a sham and a mean of depopulation, Biden is lying, and old bag Janet Yellen is lying and kissing Joe Biden’s ass. Never before has the U.S. economy been so worse off than it is now. People are losing their jobs, many cannot afford their housing payments and utilities, $100,000 salary per year used to be high income but you can barely get by with a six figure income. Most Americans live paycheck to paycheck, credit card companies are lowering the credit limits of consumers. Bankruptcy and Foreclosure will skyrocket and maybe worse than the 2008 financial crisis.
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