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Late payments Question

I am unemployed and recently had a 45 day late payment. I am seasonally employed so this is not uncommon for me. However, I have never been late more than 10-12 days. I wanted to know if I would be unable to get a refinance approval now with this late payment reported to my credit. I was planning to refinance in July. by daveewart764 from Sun City, Arizona. Jan 25th 2019 Reply

John Moran (SimplifyMortgage)
#8 ranked lender in Arizona - 663 contributions

Hi Dave,Most traditional loan products will want a 12 month history with no late payments. There are non-traditional loan products that may be available. It is going to be more about the overall scenario of your loan (credit score, equity, income, etc). I'd be more than happy to help you in June-July and we can determine within a day or so whether the refinance will work.

Jan 25th 2019
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,421 contributions

Previous response is NOT correct. While of course loan programs prefer no late payments, standard regular loans generally allow up to two 30-day late payments in the past 12 months. So one late in and of itself will NOT prevent you from getting a refinance loan. The bigger issue about the late payment is what has it done to your credit score? A very recent late mortgage payment will have a huge effect on current credit score, and that is more likely to cause problems. Only payments received more than 30-days late show on your credit report. For example, you made your January mortgage payment in February. Just make sure you have no new late payments, and apply with a local mortgage broker when the time comes. I lend in MN, WI, and SD, and can be reached at NMLS274132

Jan 27th 2019
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

The short answer is you should be ok. having 1 late payment in the last year typically can be ignored. You would still need to meet all other eligibility requirements, but having 1 late payment in itself is not an issue. I"m local, so if you would like me to look at your specific scenario, i'd be happy to. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jan 29th 2019
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