Mortgages for poor credit

Can you qualify for home mortgage if you were late on your mortgage payment a couple of times? The inevitable credit pull is looming and those late mortgage payments are writen on your records. Do not wory, you are not alone. Be late on their mortgage payments is problem for many people. With foreclosures and mortgage delinquency at historic highs some borrowers are not able pay mortgage payments time after time. For a conventional mortgage loan, you can’t have any belated payments over the past 24 months. But you can try Federal housing administration financing (FHA) Goals of Federal housing administration are: to improve housing standards and conditions; to provide an adequate home financing system through insurance of mortgage loans; and to stabilize the mortgage market. Federal housing administration mortgagess are insured through a combination of a small upfront loan insurance premium (UFMIP), as well as a small monthly loan insurance premium. The UFMIP is often financed into the mortgage. Unlike other forms of conventional financed loan insurance, the UFMIP on an FHA mortgage is prorated over a five year period, meaning should the homeowner refinance or sell during the first five years of his mortgage, he is entitled to a partial refund of the UFMIP paid at mortgage inception. The best thing on Federal housing administration financing is, that the lender will also look back 24 months, but one 30 day late payment is OK. The nice thing about FHA is that if you have documented extenuating circumstances (life event that caused you to fall behind), lenders will make exceptions to this rule and allow more late payments.