I was late on 1 mortgage payment 11 months ago, how long til i can qualify for a refinance?

Typically, Once you get 12 months behind you you become elligible. That is if all the rest of your credit hasn't suffered and if your debt to income ratio falls in line. The best place to start (without pulling credit) is to speak with a lender candidly about your credit life and the reason for the late payment. Provide all your debt information and income documentation and run the numbers. That will give you an idea of where you stand before you have made any kind of monetary commitment. I'd love to help you with that....

Good questions Robert. The late payment will only be a concern if it were reported as 30-59 days late. In this case you will ok after next month when you can show the last 12 months paid on time. If you just went past the 15th and incurred a late fee that isn't a concern.

Hi Robert....... I can do a refinance for you when the last late payment was 12 months old...so next month......as long as all other issues qualify such as Debt-to-Income Ratio (and I can exceed 50% in some cases), and your middle credit score is 600 or higher. I would be honored to help you........jsalamon@weststarmortgage.com Best of luck!

You need 12 months of no payments more than 29 days late.

This will only be an issue if it is more than 30 days late and is showing up on your credit report. Might be a good idea to pull a credit report and or have a mortgage professional pull your report to see how it is showing. If it is more than 30 days late then I would have a mortgage professional take your application and run it through their automated underwriting software to determine if it is eligible for loan approval. Most loan officers can do this for you within 24 hrs of application.

You can be 29 days late every month, and the credit report will show No late payments.. Only late payments over 30 days delinquent are reflected on the credit report.. if you had only one 30 day late payment, then 12 months is all that's required.. the lender will ask for a letter of explanation regarding the late payment.. they want to see if it's an isolated event or a sign of a bigger looming problem.. If your late payment was over 60 or 90 days, you will have a hard time finding a lender willing to lend to you.. 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. 480-287-5714 WilliamAcres.com

Remember, refinancing with a score lower than 640 may not be the best possible scenario. You may want to invest in a credit scoring program that gives you regular updates. Some of my clients have used CreditKarma with great success. Let me know if you would like to chat this out without dinging that credit report and with no obligation....

By itself, one late payment within the last 12 months is not going to cause you any issues. You can refinance today. Two last payments in the past 12 months will result in denial. The late payment is likely effecting your credit score, which may effect your terms. Contact a local mortgage broker for more information about your specific situation.