Home Purchase Mortgage Calculators
Mortgage Program Calculators
The answer to your question depends on the timing of the late mortgage payments and your current credit score. If the the late payments occurred recently and negatively impacted your credit score then we recommend that you wait approximately six months for your credit score to improve before you apply for a mortgage. You may be able to qualify for a mortgage today with a lower credit score but lenders will likely charge you a higher interest rate which can cost you thousands of dollars more in interest expense over the life of your loan.
If the late mortgage payments did not occur recently and are not adversely affecting your credit score then it should not impact your ability to qualify for a mortgage if you apply today. Please note that regardless of when the late payment occurred or your current credit score, most lenders require borrowers to submit a written explanation that addresses any late payments as part of their mortgage application.
We recommend that you review of comprehensive explanation of your credit score and the mortgage process as well as our Mortgage Expert Insights on How to Improve Your Credit Score Before Applying for a Mortgage