Zillow Advice: Approval/Qualification Process - Homeowner (1st and 2nd) looking to buy 2nd home. Low FICO but high income and recent 30 day late

I agree with Andrew. While ...

Mon, 06 Jul 2009 02:03:00 GMT

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.

the only way you can by your ...

Sun, 05 Jul 2009 18:51:00 GMT

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]

As Andrew stated, you will ...

Sun, 05 Jul 2009 16:43:00 GMT

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.

With a 550 and 600 credit ...

Sun, 05 Jul 2009 13:25:00 GMT

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!