HOW LONG AFTER A 120 DAY LATE ON MORTGAGE TO QUALIFY?

It depends on the type of mortgage, but most likely it will be 12 months unless you can document a really good reason.

Ok.. so this question is really not easy to answer.. per the guidelines, 12 months is the waiting period, however, most lenders will look at a 120+ day late payment the same as a foreclosure and will "overlay" the conforming guidelines and require you wait 2, 3 or even 4 years.. For this reason, it's best you contact a local broker rather than the local bank.. the bank has one set of rules, but the broker has multiple different lenders in their arsenal with each lender offering different lending programs.. more lenders means more loan options, and the easier it is to get financed.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Generally speaking, most traditional mortgage programs will automatically deny you if you have more than two 30-day late payments in the past 12 months or one 60-day late in the past 12 months.