Home Buying in Winchester>Question Details

Yesenia, Other/Just Looking in Oceanside, CA

Do I really have to have 12 months with no late mortgage payments to apply 4 a new mortgage? I have been paying on time for past 9, I am ready to buy.

Asked by Yesenia, Oceanside, CA Sun Dec 5, 2010

I rented that property since feb. I have been renting in Oceanside and want to go back to Temecula area. I plan to use my VA benefits to buy a new house. My record shows late mortgage payments due to the modification, the 4 months I was sending modified payments they recorded it as late. But I have been paying on time since last March, I went to a loan specialist and they said I had to have no late payments for the past 12 months to even apply, is that true?

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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.

Brian Riesenberg
0 votes Thank Flag Link Sun Dec 5, 2010
Hi Yesenia,

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.
0 votes Thank Flag Link Sun Dec 5, 2010
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