I've had two late payments in the past year...can I not refinance?

Depends on how long its been since your last late payment.

You need at least 12 months since a late mortgage payment in order to qualify on a new loan.

You will need 12 months of no 30-day lates.

What is the reason for the late payments? Usually you need to wait until you have been on time for 12 months on your payment. Was you payments more than 30 day? If they were not more than 30 days than it is fine.

Mike,Your question raises a question from me.Where you late on your mortgage or some other type of account? Typically lenders prefer that you not be late within the last twelve months on your mortgage. However, with a DU Approve/Eligible recommendation, you will be OK to proceed. This means if the loan officer runs your profile through the automated system, and gets and approved/eligible you may be ok to do the refinance.The underwriter will need to review your total financial profile before rendering a decision. Your credit profile needs to tell him/her a story. Such as you were always on time with your payments and during a specific time period for a specific reason, you were late. Late payments on other forms of credit is not automatic elimination for financing.

Depends on the late payment... was it on a mortgage or another type of loan? If it was on a mortgage you are out of luck for 12 mos. If not, contact a local mortgage professional and have them run your scenario. They will be able to give you accurate information the same day and let you know if you qualify based on your particulars. Good luck!

Really it depends on what instituition you use for your refinance, feel free to give me a call as there are some very minor things we can do to get you past this to refi.

Generally speaking, more than two 30-day late payments, or one 60-day late payment within the past 12 months ON YOUR MORTGAGE is cause for denial. Two late payments on other accounts are not likely to cause too much trouble. www.WI-Mortgagebroker.com

Every mortgage lender will have credit guidelines and usually anything over 1 mortgage late in the last 12 months will not work. Some mortgage lenders will not allow any mortgage late payments in the last 12 months. I am a CT licensed mortgage loan originator only. Michael A. Kirkutis, CT DOB NMLS #111599. MAK Mortgage Company, Inc., 31 Woodland St., Suite MMA, Hartford, CT, 06105. CT DOB NMLS #103552, MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR MORTGAGE CORRRESPONDENT LENDER. www.cthomemortgageloan.com

Good Morning Mike Birg...I agree with Michael Kirkutis, mortgage late's within the current year are a problem...Why the desperate statement ???Contact us to discuss a possible Mortgage Modification...Money@RonWohlfarth.com

Late payments kill the deal!

Late payments kill the deal!

If you are reverse mortgage eligible, two late payments on accounts other than a mortgage is not a complete deal breaker

There are no traditional lenders that will overlook late payments on a mortgage. Best advice I can give you is stop being late, wait 12 months and try again. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

There are no traditional lenders that will overlook late payments on a mortgage. Best advice I can give you is stop being late, wait 12 months and try again. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

A written explanation is required on mortgages with a 1x30 within the past 12 monthso If mortgage history is > 1x30 within the past 12 months, a written explanation is required AND o The late payment must be an isolated event in order for the Underwriter to approve with compensating factors.