I am in the process of trying to buy another property. The problem that I am having is that 4 months ago I had switched banks but continued to pay my mortgage from the old account. I realized the issue and caught up with the mortgage the following month. But the mortgage co still reported me as late 30days. Now I am having trouble getting a conventional loan and was told by two brokers now that I would have to wait for a year for that mistake to get off my credit report. I have had the loan for 3 years and this was my only late payment.
Is there anyway around this? I live in Philadelphia, Pa and house prices keep rising and I do not want to wait so long. The loan that I paid late is for an FHA loan so applying for another is out of the question. Thanks in advance.
No, you need to wait 8 more months as conventional requires no 30 day lates within one year. You'll need a letter of explanation as to what happened and why you weren't totally just irresponsible, why the 30 day oversight. You need a better excuse than I forgot. If things beyond your control were going on, like medical problems, being late once is better understood.
And, Welcome to BP! :)