Your credit history is only one factor in qualifying for a loan, and having made some late payments doesn’t have to keep you from buying a home. Many programs grade not only on your FICO score, but other factors such as how much you have in liquid assets or "reserves" such as retirement funds, life insurance, 401k, IRA, stocks, bonds, mutual funds, and money market funds. Even your checking and savings accounts play a huge role. Someone who has consistently made payments on time in the past may have more financing options than someone who has not, but that doesn’t mean a mortgage is off-limits if you’ve had credit problems. In fact, FHA offers a variety of mortgage options to help people with less-than-perfect credit become homeowners and leave credit challenges behind.