How Can I Get a Mortgage With A Single Late Credit Card Payment?
You’re prepared to purchase your dream home. The problem isthat you recently missed a credit card payment. You know that missed payment has made its way to your own credit report, and you stress that this blemish may hurt your chances to acquire a home mortgage. The fantastic news is that your credit score is determined by a lot of factors. It’s likely to be eligible for a home loan, even one with reduced interest rates, with a missed payment on your credit history.
Call a number of mortgage lenders and explain that you’re thinking about applying for a mortgage. Don’t confine your search to one portion of the nation. You can work with lenders across the United States.
Explain to a lender that you missed a credit card payment. Give your lender a reason: Maybe your bill got lost in the mail. Maybe you just forgot to drop your payment in the mailbox. Your lender may want to ensure the missed payment was a one-time affair, not the beginning of a bigger trend.
Make copies of your last two paychecks, latest federal income tax return, bank savings and checking account statements, and other loan bills, such as your private, student or automobile loans.
Deliver the copies you made to your lender, who will study these documents to be certain your gross monthly income is high enough to support a home mortgage payment. These documents may also prove that you earn more than enough money every month to cover your charge card bill.
Send your lender a notice signed by your manager that states how long you’ve worked at your current company and the amount of your yearly salary. Again, this letter will reveal that you’re financially secure enough to create your own credit card payments on time.
Make copies of your credit card invoices and send them to a lender. As a result, you can prove that your missed payment was just one mistake, not a routine.
Complete your creditor ’s Uniform Residential Loan Program. You’ll have to provide information on your yearly income, debt and employment. When you sign up and send this to a lender, you will have formally started the mortgage-loan program process.
Give your lender permission to examine your credit history. If you have only missed one credit card payment, your credit score should still be comparatively high. Borrowers with credit scores of 720 or higher generally qualify for the lowest mortgage interest prices.
Sign the final papers for your refinance if your lender approves your program. You’ll also have to pay your final fees–that vary from lender to lender–at this moment. You can cover these all at once or as part of your monthly payments.