Am I disqualifed if I was late on home equity in the last 6 months but not my 1st mortgage?

By late do you mean over 30 days late? If under 30 days you have nothing to worry about. If there is a 30 day late mortgage payment (either on a 1st or 2nd lien) that shows on your credit report it will most likely prevent you from being approved. You should prepare a short explanation about the reason for this and what you have done to prevent it from happening again. Other factors such as the type of mortgage, (FHA, VA, Conventional, etc.), the loan to value, your credit score and liquid reserves in the bank could add some strength to your application. I would find a LOCAL mortgage banker or broker on this forum that can look at your overall picture and advise you from there. Best wishes!

if it is secured by the house, it is a mortgage, no matter what you call it. Generally speaking, if you have two over 30 day later mortgage payments within the last 11 months, you will be denied for a new mortgage loan. www.JoeMetzler.com

It depends on what you are trying do and how late you were. If you were never late over 30 days from when the payment was due, no harm, no foul. If however, you did go over thirty days and it was only once, you will likely have to wait until it is over 12 month old. However, if there is a strong compelling reason, it can be forgiven. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Any mortgage late is a concern for lender. Other factors will have to be considered.

disqualified for what ?? if you are not applying for a refi or any other credit, it really wont effect you. Each month that goes by it will have less effect on your credit score. www HOMEMORTGAGEXPERT.COM

If you are trying to refinance or purchase, your loan officer should still run findings on your new loan. All lending programs allow for at least on 30 day late in the last 12 months of mortgage history. If all of your other credit items are in order and you have an acceptable score with additional cash reserves in your Bank or Retirement accounts, you should still receive an approval. You may find that your approval is for a slightly higher rate than the national averages. The decision to move on will be yours once you are provide with this information.

Joe is correct

Depends on what you mean by Late? Get with a Lender411 Loan officer to discuss you situation.

Hi! I agree with everyone, it depends on many things including but not limited to the following: loan program, overall financial picture as they've all said. Something no one has mentioned yet is: If you're interested in only refinancing your first mortgage, the second mortgage company would have to ok by signing off to subordinate their financing. This lets the new mortgage to be a first mortgage which all new lenders would require if you didn't want to or couldn't consolidate the two.

More info is needed to answer correctly.