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One late payment in itself is not a reason to decline a loan.
If your scores are low, your ratios are high and you can't show any funds and need to get gift funds, probably not.......the late payment will be the nail.
If your scores are good and that's the only late, ratios well within guidelines, have your own funds for the purchase, have other compensating factors (income like commission not being counted) it's probably a non-problem if the lender can get an Automated Underwriting System approval. There are still 2 or 3 national investors that underwrite strictly to FHA guidelines (not to mention portfolio lenders) and don't have any overlays.
Be prepared to right a letter of explanation explaining why you were late. But SmartMoney is 100% accurate.
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