Will I be able to purchase another condo next year with 2 recent 30-day lates on my credit report?

Question

*I have 2 loans for my mortgage from the same lender so that is why it's two late payments.

The late payment was a total screw-up on my part. I totally had the money in my account.

I want to purchase another condo next year but I'm wondering if this late payment has totally hurt my chances.

Answer 1

Two 30-day lates will eliminate many lenders from your selection, but you'll still be able to get financing with a variety of others, namely portfolio lenders that can manipulate their own guidelines. Companies like Countrywide or Wells Fargo.

Contact those companies now and explain your situation. See if they'll finance with two 30-day lates.

Unfortunately, those mortgage lates will affect your credit for the next 2 years, but after that they won't pose much of a problem except for any lingering damage to your Fico score.

Either way, find out NOW to avoid any hassle later. Pretend you need financing for a condo in the next month, and see what you come up with to determine what you'll be able to do in the future.

Learn more about mortgage, credit, and finance at:

http://www.thetruthaboutmortgage.com

Answer 2

Good and bad news here. Yes you will be able to buy...but Yes, the late will affect the rate. No matter what the explanation is it will affect what you qualify for. Here is what rating you will see from lenders:

A Paper = No mortgage lates for 4 years
Alt A = No mortgage lates for 2 years
Sub Prime = Mortgage lates less than 2 years.

The reason the explanation won't matter is that 90% of these lenders sell the loans on the secondary market and every loan must meet exact qualifying criteria.

Here is some additional info. Hope this helps.

Answer 3

You can purchase...Was it a rolling 30 day...if so some lenders will count it a just 1 30 day...if not then they can be counted as 2.......I am a loan officer and deal with people who have mortgage lates....and have found financing for them...it is just finding a loan officer that will work with on it so that u are able to purchase...where your credit scores affected by the 30 lates.......also have you considered consolidating the 1st and 2nd on your existing home....

Answer 4

You can call the lender and explain you situation; they may approve a "correction" to the late flags on your credit report. The late flags alone should not disqualify you, but they will not help either....even if the screw-up was totally your fault, give the lender a call and see if they can work something out...sometimes they do!

Good luck!

Answer 5

Well as long as you have everything else in line derogatory payments will have no affect on your chances of getting the house. We have been able to help clients with more derogatories than yours and have gotten them 100% financing. Fell free to log onto http://www.justgetaloan.net to gather more information about home financing. Also fee free to fill out an application form so that you can be contacted by one of our representatives to discuss your loan options.

Answer 6

just find a niche broker, there are lenders out there that dont even use trade line info, or late info, these people dont exactly know what they are talking about. if you have a 680 or greater score, you should take no hits on any rate because of anything.

Answer 7

Well if you can explain it away, usually one 30 day late can be forgiven. However, if you do get another 30 day late you will have a tough time being approved for prime rates.

Answer 8

tm not really sure but i my mom works for the bank but from what i know you would have to pay back your other loans if you already didnt!
p.s yeah i kindof sucks to be late on something because then the cost with be double the amount its kind like bouncing a check

Answer 9

one late pay should not be a problem - if that is all

Answer 10

if your downpayment is big enough credit is not an issue.