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What's coming up next year for mortgage rates... the Fed... housing markets... home prices? See HSH's 2022 Outlook for our expectations!

What's coming up next year for mortgage rates... the Fed... housing markets... home prices? See HSH's 2022 Outlook for our expectations!

How long will late mortgage payments keep me from refinancing?

Q: Recently married. New wife has mediocre credit; my score is 770. I wanted to refi her house. An attorney advised me to add my name to her title. When I tried to refi I was denied because she had two late payments, even though her credit is not involved. Was told it was due to Fannie/Freddie rules. Only talking $60K, house worth $80K. Anything I can do besides wait a year?

A: Unfortunately, Fannie and Freddie both require that there be no "mortgage lates" on the credit file during the past year before they will accept a new loan from a mortgage lender. You might talk to a few other lenders to see if any will write your loan for their own books (and so not need to adhere to the GSE's rules) but that is a bit of a longshot. You may end up waiting a year.

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Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
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