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Understanding Late Payments History
Late payments are among the most common credit issues that mortgage applicants face. A single 30-day late payment can drop your score by 60-110 points, but the impact diminishes significantly after 12-24 months. Lenders evaluate the recency, frequency, and severity of late payments, and many programs accommodate borrowers who have re-established positive payment patterns.
Impact diminishes after 12-24 months
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Frequently Asked Questions
A single late payment is unlikely to prevent mortgage approval, especially if it occurred more than 12 months ago and you have otherwise strong credit. The impact depends on your overall credit profile, the severity of the late payment, and how recently it occurred.
A letter of explanation is a written statement describing the circumstances that led to the late payment. Lenders request these for significant delinquencies. Documenting that a hardship such as job loss, medical emergency, or natural disaster caused the late payment can help underwriters view it more favorably.
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