Can I get a home loan with late mortgage payments?

If your credit report shows missed mortgage payments in your financial history, you may still be able to get a home loan. The answer will depend on a few factors including:

• Whether the late mortgage payments occurred recently (within the last year) or further in the past.
• Whether the late mortgage payments are the only example of missed payments in your financial history.
• Whether you have other types of late payments on your record and/or have had bills go to collection.

Keep in mind that repayment history comprises about 30% of your credit score so it’s an important factor in the qualification process. If you do qualify for your home loan, the missed payments will likely mean you get a higher APR than people who have not missed payments.