Check today's rates here and apply for a conventional refinance (Jul 15th, 2025)Certain lenders and programs allow you to refinance if you’ve had a late mortgage payment. But you may have to do some searching.
Question: Is there any way to refinance if we had a late payment on our mortgage six months ago? So far no one will approve us until a year has gone by with no late payments. We are drowning with a 6.75 percent interest rate.
–Anna
Answer: First, you’ll need to determine what kind of loan you currently have.
If your current loan is an FHA loan then an FHA streamline refinance may enable you to refinance. An FHA streamline allows for one late payment in the last 12 months, as long as it was more than three months ago.
Check your FHA streamline refinance eligibility today (Jul 15th, 2025)What if I have a VA loan?
If your current loan is a VA loan, you may be eligible for a VA streamline refinance. VA streamline loans do allow for recent late payments.
Keep in mind that with all of these loan types, lenders can impose their own rules above and beyond what the FHA or VA require. That’s probably the reason you’re experiencing resistance from the lenders you are applying with. Keep looking, and you may find a lender that sticks to the base requirements and who may approve you for the loan.
Check today's rates here and apply for a conventional refinance (Jul 15th, 2025)
