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missed payment

I missed my first payment last month, after 5 years in my loan. I lost my job 7 weeks ago and I was recently hired at a new Law Firm here in Alabama. How long do I have to be employed to refinance? Am I disqualified if i now have 1 (one) 30 day late payment on my history? My salary will be $97,800/year. my credit is 640 and DTI is 38/62. by karasik233 from Shelby, Alabama. Mar 15th 2019 Reply

Brandon Brady (BrandonBrady)
#66 ranked lender in Utah - 18 contributions

You are not disqualified for only having one 30 day late payment in the last 12 months, I do these all the time and many lenders can as well. What I would be more concerned with getting around is the back end DTI of 62%. FHA will typically cap you at 57% DTI on the back end and that is going to get harder to do starting tomorrow, 3/18/19, with the new changes from FHA.

Mar 17th 2019
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

It really depends on the type of loan you are applying for, as the guidelines vary.. It also depends on whether or not the lender you apply with add's additional guidelines, but the most sever case, You will need to wait 3 months and be able to write a letter of explanation.. The guidelines refer to excessive and/or multiple late payment(s).. ie, 30, 60, 90, 120 day late payments in the past 12 months.. if that were the case, then you would need to wait a few years to apply.. but for a 1x30 on a mortgage.. wait 90 days and apply.. you should be fine. 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

Mar 18th 2019
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,703 contributions

One 30 day late payment on your mortgage in the past 12 months is not any sort of automatic disqualifier in and of itself. Your debt ratio on the other hand is going to get you denied. You'll need to pay off or restructure some debt. Maybe you can pay if off with the refinance. Talk to a local mortgage broker about your situation.

Mar 20th 2019
Michele Bledsoe (MicheleBledsoe)
#139 ranked lender in Illinois - 23 contributions

Are you SURE about your DTI numbers? the 62 "back end" is what will not get approved. Who gave you those numbers? A lender?

Mar 21st 2019
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