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is 30 days late on my mortgage in the past 12 months ok for a conventional loan?

by fjeankarlos853 from Fort Myers, Florida. Jun 7th 2016 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,471 contributions

More info needed.. The conforming guidelines say that if you have mortgage payment that is 60 or more days past due, then it probably wont work (Refer Caution), but each lender can add additional guidelines above what the conforming guidelines require.. it's these "overlay's" that makes lending different, one lender to another.. So most will require that the late payment not be within the past 3 months, and you will need to explain the late payment, but that in itself is not a deal killer.. Also understand that you have to meet all other eligibility requirements, so credit scores, income, debt, collateral, etc.. all must meet eligibility guidelines. If you want to know for sure, then the best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Jun 7th 2016
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Lynne Rohde (TeamRohde)
#87 ranked lender in Florida - 6 contributions

It depends on the rest of the file but as long as it's only 1 late in the past 12 months it should be okay. Lynne Rohde, ResMac, 407-599-0986, LMRECO@aol.com,www.teamrohde.com

Jun 7th 2016
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