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Posted in Mortgage
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zombie673

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What do I tell a prospective mortgage lender about the blemishes on my credit history?
I am applying for a mortgage and I have some late payments on my history and they want me to send a letter explaining them and I'm not sure what to say. Mostly, it was just situational and I didn't have the money to pay all the bills at the time.

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Letter

Hey there! I am a loan officer, and deal with this all the time. Basically, you want to tell your story in a way that shows 1) what happened, 2) why it happened, and 3) why it won't happen again. If all of your credit issues are chronologically located together, you should not have a difficult time proving to an underwriter that it was due to a situation that you could not control (if you had a job loss, paycut, illness, etc around that same time). Keep it short and sweet. Loan officers and underwriters alike hate wading through a explanation that includes too much uneccesary personal information. Hopefully that helps!

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