Blog Layout

Can I Get A Mortgage With Late Payments On My Credit Report?

Mike Chissell, Trusted Mortgage Advisor • Jul 22, 2021

Rarely is there a one-size-fits-all answer in the mortgage business. When it comes to getting approved for a mortgage with late payments on your credit report, there are a few critical factors you need to know.

So very quickly, what is credit? Our credit score boils down to how reliable you are as a borrower repaying your debts. Lenders use this information to weigh the risk of a borrower’s profile, along with income, assets, etc.


In a perfect world, we wouldn’t want to have any late payments on our credit report. However, we understand things can happen. When it comes to getting approved, consumer debt late payments are much more palatable for the automated underwriting system (AUS) to approve when compared to late mortgage payments.


Conventional and VA loans have harder requirements for qualified mortgages with 1 30-day late payment over the last 12 months, and no 60-day late payments are allowed in the past year.


FHA loans are a little easier though as you can miss 2x30-day late or 2 missed payments for 30 days each in a 1-year span. Additionally, you can miss 1 late payment over 60 days which VA and conventional loans do not allow at all.


In the end, it really depends on your profile on whether you will be able to get a mortgage with late payments, but it helps if you don’t have any mortgage debts, a higher credit score, and more cash in the bank certainly will help you along your journey to owning a home.


Start Your Home Loan with Chissell Mortgage Group.

Your local mortgage broker.

NMLS #2062741

Mortgage Broker Trinity, Florida

See Chissell Mortgage Group Reviews.

Are yo ready to start your home or commercial loan?

Click to Share

By Mike Chissell 10 Apr, 2024
5 Star Review: Finding the Best Broker in Pasco County
By Ryan Chissell 14 Feb, 2024
Embarking on the Journey: The Challenge of Being a First-Time Home Buyer
By Ryan Chissell 20 Dec, 2023
Breaking Free from the Chains of High Interest Rates Are high interest rates turning your dream of affordable homeownership into a financial nightmare? It's time to liberate yourself from the shackles of exorbitant mortgage costs. If you're grappling with steep interest rates on your current FHA or VA mortgage, there's a beacon of hope on the horizon. Join us on a journey to financial freedom as we explore the transformative power of FHA Streamline Refinances and VA IRRRLs. Say goodbye to the burden of high interest rates and hello to a more secure and prosperous future. FHA Streamline Refinances: Streamlining Your Path to Financial Relief The Fast Track to Lower Interest Rates Are you drowning in the complexities of mortgage refinancing? Fear not, for the FHA Streamline Refinance is here to simplify your financial journey. In this section, we'll dissect the streamlined process of FHA Streamline Refinances, explore the eligibility criteria, and unveil the impressive benefits that await. Say farewell to the cumbersome paperwork and hello to a faster, more efficient route to lower interest rates. VA IRRRLs: Guiding Veterans to Interest Rate Nirvana The Veterans' Celestial Route to Interest Rate Reduction For our esteemed veterans, the VA IRRRL (Interest Rate Reduction Refinance Loan) is a powerful tool that can guide you to interest rate nirvana. This section will delve into the unique features of VA IRRRLs, outline eligibility requirements, and showcase the exceptional advantages they bring. Your service to the nation deserves a mortgage that honors your sacrifice — let the VA IRRRL lead the way to reduced interest rates and financial security. Why Choose Chissell Mortgage Group: Your Trusted Partner in Financial Wellness Navigating the Mortgage Landscape with Confidence Amidst the sea of mortgage options, why should you choose Chissell Mortgage Group as your trusted guide? In this section, we'll highlight the reasons that set Chissell Mortgage apart. From a commitment to personalized service to a track record of successful refinances, discover why countless homeowners trust Chissell Mortgage Group to navigate the intricate landscape of mortgage solutions. Secure Your Financial Future with Chissell Mortgage Group Embark on Your Refinance Journey Today Ready to take control of your financial future? The call to action is clear — partner with Chissell Mortgage Group. Visit chissellmg.com or call 727-376-6900 to connect with our team of experts. Don't let high interest rates be a stumbling block on your path to financial freedom. Secure your seat on the Savings Express with Chissell Mortgage Group and embark on a journey towards lower interest rates and a brighter financial horizon. A New Chapter in Financial Wellness Begins Bid farewell to high interest rates and usher in a new chapter of financial wellness. With FHA Streamline Refinances, VA IRRRLs, and the trusted guidance of Chissell Mortgage Group, you're not just refinancing your mortgage — you're transforming your financial future. The path to lower interest rates and greater stability begins with a single step. Take that step today with Chissell Mortgage Group and unlock the door to a more secure and prosperous tomorrow. Please visit our website at www.chissellmg.com for more information or call us at the office at 727-376-6900 . We’re more than happy to help save you some money!
More Posts
Share by: