• Credit Scores, Collections, and Debt

  How Can I Qualify For a Mortgage With Recent Late Payments

  Posted by Hector on February 28, 2024 at 5:50 am

  I realize that late payments is the kiss of death and it is one of the biggest negative factors I can have to qualify and get approved for a mortgage. Can you please advise me on how I can qualify for a mortgage with late payments in the past 12 months? My lease is coming up and I really want to buy a house.

  Gustan Cho replied 2 years, 7 months ago 2 Members · 1 Reply

  • credit repair
  • LATE PAYMENTS
• 1 Reply

• 

  Gustan Cho

  Administrator

  February 29, 2024 at 1:43 am

  Late payments is the worst thing a lender wants to see. It is alright to have collections, charge-off accounts, late payments and other derogatory credit tradelines. However, all lenders want to see timely payment in the past 12 months. For FHA loans manual underwriting, you need 24 months of timely payments. VA loans you need one year of timely payments in the past 12 months.

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