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rb2009
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 Posted: Sun Nov 01, 2009 9:05 am Post subject: late one time on previous mortgage |
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I have a mortgage that my home is up for sale on right now. I have not been late on the payment all year and last night was the deadline to make October payment ( I forgot until today, Nov 1st)
I have a contract on that house right now also and closing next month.
Question - Will i be able to purchase another home with a 650 score but one late payment on that mortgage.. ?
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 gunzijjistaff
Joined: 07 Apr 2009
Posts: 454
6.41 Dollars($)
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| Posted: Sun Nov 01, 2009 9:30 am Post subject: |
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This one late payment will damage your credit score by several points. You can apply for FHA loan with 620 or above credit score to purchase another house. If you have already another lien, wait until you not payoff it & if you can afford to pay both loan dues at a time you can apply for it.
Thanks. |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 313
Location: Irvine, CA
60.06 Dollars($)
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| Posted: Sun Nov 01, 2009 1:19 pm Post subject: |
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That late is damaging in two ways. The FICO score gets dinged and your Mortgage tradeline has a current 30 day late. Both are considered separately by Lenders. Even with a 700 FICO, you could be denied a new mortgage because the Lenders guidelines say "no mortgage lates the last 12 months". Underwriters do accept Letters of Explanations, if you're able to provide a reasonable excuse. For example, you were late because you were in the Hospital and unable to make the payment until you came home.
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Raymond
www.ReverseMortgageCalculator.org |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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| Posted: Sun Nov 01, 2009 2:05 pm Post subject: |
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precisely as raymond said, this 30 days is the worst 30 days. one late in a 12 month period can be severely damaging to your efforts to obtain a new mortgage. having it at this end of the spectrum instead of 11 months ago is an even bigger deal. also as raymond noted, you're going to need a whale of an excuse.
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George M. Akerley
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860-221-5044 |
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jhnsmith
Guest
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| Posted: Tue Nov 03, 2009 1:05 am Post subject: credit score |
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| This late fee definitely gonna effect your credit score i guess.... |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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| Posted: Tue Nov 03, 2009 1:09 pm Post subject: |
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it's not so much the hit that one would receive on a credit score when it comes to mortgage lates. it's the simple matter of being late on a mortgage. the monthly payment on a mortgage is the most critical payment of all, and every lender looks askance if there's a late payment, particularly if you're looking for new credit at the same time that you're late.
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George M. Akerley
Loan Consultant
860-221-5044 |
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