I would like to tell you all those things will not impact your ability to get a loan or interest rate but in fact they do and will. Yes, it is good when your loan to value is better for your new purchase but credit history is more and more important these days. Each situation is different but in most cases can be worked out.
It really depends on the lates and how late. Some companies are not reporting as quickly as they have in the past so it may not be as bad as you think. I would recommend you work with someone (like myself) that you feel comfortable with. Begin by applying and finding out what your credit score is and then go from there. If the credit score is not too bad you may be approved ( I worked on one the other day and the person had a high 400's mid score and was able to get them approved). If it does not immediately become approved we can work together and discuss a plan of attack for credit repair. In some cases this takes time in some cases it works out fairly quickly.
Also the comments the other have made are right on point. Work with someone you trust and feel has your best interest in mind.
If you need help getting on track with a credit repair program let me know.
First Horizon Home Loans
11300 4th Street N Suite 150
St. Petersburg, FL 33716
Bus: (727) 576-5776 x1129#
Fax: (214) 496-2347
Cell: (727) 599-8200
Food for thought--there are many options that aren;t apparent unless you speak with an advisor about your unique situation--feel free to contact me (email@example.com) if you'd like an introduction to a few of the mortgage advisors I know!
You should start by contacting a great mtg person who can help you buy a house in St. Pete. Get pre-qualified, and then - based on what they say about your FICO and status, go from there.
Right now you are trying to get somewhere when you don't have a map ;-)
If you need a referral to a great mtg person who won't lead you astray, let me know. I don't work in St. Pete, so this contact info will be completely unbiased, which is a good thing!
Next step is to contact a great agent to look for houses in the area and price range you are qualified for, OR TO know that you should wait until something is better;. Again... don't work in St. Pete, but know lots of great agents there if you want some help there....
Good luck - IF you DO this the right way - you will be happy, do it the wrong way and you will be ultimately frustrated. It is too easy to do it the right way ;-)