FHA Mortgage Letter explaining less than perfect credit from the past, is this sufficient and good enough?

Posted on Aug 3, 2012 in FHA Information


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Question by Sophia Michele’s Mommy: FHA Mortgage Letter explaining less than perfect credit from the past, here is this sufficient and good enough?
Re: FHA Mortgage Application

To Whom It May Concern:
This letter provides explanations for each item listed in my credit report obtained in connection with my mortgage application.
1. Capital One Credit Card 2009-2010
When my payment was due in October 2009 my fiancé and I had just found out we were pregnant with our first daughter. We were worried about a lot of things, buy information pills paying up on other bills, and honestly we were young therefore not realizing how important credit was. The balance was paid in full the beginning of 2010 and I have not been delinquent on any credit card accounts since this incident.
2. Community National Bank Auto Loan 2007-2008
I was delinquent regarding my auto loan in September 2007 and September 2008. In September 2007 I had changed jobs and started working with my Dad, there was a lapse in pay and I was forced to pay late. In September 2008 I had to be out of town for some time regarding a death in the family and missed the payment. Both were equally my responsibility and I take blame of them being negative items on my credit report. The loan has since been paid in full and is taken care of.
3. Verizon Wireless Account 2010
My fiancé and I were expecting our first child and had found that we could get a lower phone bill by switching to Sprint. We realized that even with the termination charges from cancelling Verizon we would still save money from changing carriers. After switching to Sprint, we were about to pay the balance and she ended up having some issues with her pregnancy. She had worked at the time, but after the issues she was off of work and ended up having our daughter shortly after via emergency C-section. She had needed more recovery time from work than they had envisioned. Needless to say we were out some significant money because we needed the money we had planned to pay Verizon for bills, diapers, and other unexpected expenses we were not planning on having. The Verizon account has since been paid in full and this will never happen again.
4. Medical Bill $ 288
This medical bill will be paid in full in the next month. I had some medical procedures I was told that my insurance would cover. At the time I was not aware they wouldn’t cover the anesthesia and some of the actual procedure. I am planning on putting some of our savings towards this to pay for the fees I rightfully accrued. This is the only entry of my negative credit history that has not been paid in full up to date, but this will be paid before closing of the mortgage.

Thank you very much for giving me the opportunity to explain the circumstances leading to some of the entries on my credit report. My credit report and rating are very important to me and I am currently striving to meet all of my financial obligations in the most responsible manner. I am very excited about owning my own home and I look forward to building a strong relationship with you as my lender. I will make all of my payments on time and I promise that you will be happy that you approved this loan.

Yours truly,

Best answer:

Answer by loanmasterone
This tear stained letter,as they are called, sounds pretty good to me. You are direct and to the point with what appear to be valid reasons as well as the result of what you did to pay the debts off once you were able to.

Run these by your mortgage loan officer to make sure this address the negatives on your credit report and that they cover each negative. You only want to write one such letter and not allow them to become a mini book.

I hope this has been of some benefit to you, good luck.

“FIGHT ON”

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One Comment

  1. It is a horrible mistake to try and do this on your own. Find a loan officer that is local, experienced and competent. They will be able to help you polish this letter. They know what info the underwriter is looking for. They will only get paid when the loan is closed. It will not cost you more- it very well may cost you much less.