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30 days behind...

I am in a balloon loan @ 4.87%, and my payments just went up $2,400. The increase caused me to be behind now 30 days ($600). Can I qualify for a refi when I am now late on my mortgage? This is the 1st time, 6 year loan so far. my income is goof, $98k annual. no debt except my mortgage and car payment, $598. thank you I can use the advise quick. by liss_stateofflori... from Palm Beach, Florida. Sep 6th 2019 Reply

David R Youngs - Assistant Vice President (DavidRYoungs)
#64 ranked lender in Minnesota - 85 contributions

I'm sorry to hear that you're having this issue... As long as you are only late 1 time and it's less than 60 days late, you may have an option to refinance using a government loan, such as FHA, VA or USDA. They offer more leniency on late payments than Conventional loans, which require NO late payments in the last 12 month period. Interest rates on government loans would likely be under 4%, helping to get your principal & interest payment lowered. However keep in mind that you may have to pay some monthly "mortgage insurance," such as on FHA financing, which could add some to the total payment each month. Either way, if you are in a balloon loan, (which also has an "adjustable rate" it sounds), then I would certainly investigate whether a government loan would make sense to get you out of this situation.I'm not sure where you're located, but I'm a State Licensed Broker operating in Minnesota & Wisconsin. I would only be able to help you into a new loan if you were in one of these states, but if you would like to discuss your options or have further questions, feel free to call me at 651-636-2840 Ext 12 or email me at Thanks!

Sep 6th 2019
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,409 contributions

Most standard loans allow you to have recent 30-day late payments, but if you have any 60-day or more late payments in the last 12 months, you will get denied.

Sep 8th 2019
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