Yes they are typically looking for a clean credit history for the past 12 months. However, in a few months these late payments will exceed 12 months and not hurt you as much. Be sure to check out your entire credit profile to make sure these are the only negative marks on your profile. You can dispute the late payments if you had an agreement in place with your previous lender.
You will want to talk to a mortgage broker about all of your options. I work with one of the best in Temecula and would be happy to get you in touch with him.
It all depend on the type of late and how good your credit score is....
Most lender require a clean 12 mo. history without any late payments of any kind - However, sometimes - brokers may be able to shop around for a loan for you. It would be worth a try if you are now ready to buy.
Great Low prices and low rates make it a very attractive market for buyers right now.
I can get you in contact with some lenders that may be able to help.
Let me know if you are interested in giving it a try.