How detrimental is a recent 30 day late on home loan app

[lemonlimez]

Hi! I am in the process of cleaning up my credit and raising up my score to hopefully apply for a home loan at the end of 2013.

 

I have a single 30 day late for my capital one credit card occurred on January 2013, if by the time we apply this will be about a year old will it terribly effect my chances of getting a home loan or give me a less than desirable rate?

 

I still have a few collections to take care of and other items I am just not having any luck removing that 30 day late.

All my other cards will have less 5% usage and on time payments.

 

Thanks for your time!

 

[mariuszh]

Some mortgage lenders will not approve you with a 30 day late within the previous year. You may have to wait until January of 2014 to meet that guideline, unless you can find a lender that can overlook it.

[lemonlimez]

Thanks mariuszh ! We will wait until 2014 before we even start trying, thanks for the info makes me feel more informed.