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Homeowner (1st and 2nd) looking to buy 2nd home. Low FICO but high income and recent 30 day late

Need expert advice.  I'm a homeowner with a 1st and 2nd mortgage and am wanting to purchase a 2nd home for primary residence.  Wife and i have income about $200k and more anually but we both have low FICO scores (between 550 and 600) but believe it will increase.  Had recent family illness (death and illness) and was late on my 2nd (mortgage) by a day and shows 30 day late on CR twice (Dec 08, May09).  Have bank statements proving that i had sufficient cash and late was due to disorganization with bills (due to family medical emergency/death). Is there a loan program out there for me? I understand FHA requires no 30 day lates on mortgage within last 12 months. Never been late on 1st but 2ice on 2nd within last year.  Will they accept documenation that the late was not due to financial issues and had cash in bank? Any help/advice would be greatly appreciated! 
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July 05 2009 - Antioch
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Answers (4)

Profile picture for zag44
I agree with Andrew. While I sympathize with your family emergency it's still no excuse for paying your mortgage late - and late twice within 5 months at that - and any lender will just look at you as financially irresponsible and extremely risky.
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July 05 2009
the only way you can by your 2nd home is if you get private money loan and you need to deposit more than 40 % cash down payment.[content removed by moderator for being self promotional]
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July 05 2009
As Andrew stated, you will need to get your credit scores up.  The two 30 day lates, within 12 months, are not in your favor even though there were circumstances beyond your control: death and illnes that caused them.  Banks and lenders will still look rather harshly at them.
I would wait until the lates are 12 months old.  Once they are, then your credit scores should be around 620 and then you will be in the position to get pre-approved and buy another home.
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July 05 2009
With a 550 and 600 credit score...you need to get your credit score up before you consider buying another home.  The lates you are describing are financial mismanagement.  The banks really don't think that is a good reason to be late.  They are more understanding when people don't have the cash to make the payments.  Your lates were in your control!
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July 05 2009
 
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