There are more advantages.The advantages for the buyer include that usually it's a lot easier to qualify for that kind of financing than bank financing, they may not have to have a down payment, they can tie up a property they otherwise couldn't.

How did you finance this deal?

It leverages the concept of using "other people's money" (in this case, bank financing) to grow your investments.

MLS; with agent How did you finance this deal?

They were intended to be BRRRR but when the rates rose I realized that I would keep the purchase financing.  

The question is: Is there anyway to recover from this, find financing and move forward with the purchase despite 3 months of late payments on my credit report?

@Theresa Harris I'd have to find a way to double check, but I thought the credit card debt statistic was the balanced carried/financed. 

Im willing to live in 1100 sq ft for a year my wife and kids are not so thats the trade off i thought i had to make in order to use owner occ financing.

I have had lenders only respond to emails from my husband even though I have a Master's degree in Finance and he knows very little about our loans. 

They are reliant on short term financing not deposits (like a bank) or access to financing from the Federal Reserve, so “in stressful times their credit lines can be pulled.”