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The letter of explanation addresses red flags that might derail your approval: why you were unemployed for a period of time or why there’s an unpaid balance on your credit report. Not every ...
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Request a letter of explanation so you can pinpoint why you were denied so that you can address the problem. The lender may also suggest specific fixes, like applying with a cosigner or making a ...
sample-letters-for-creditors-and-mortgage-companies.doc: Software used: Preview: Conversion program: Mac OS X 10.13.6 Quartz PDFContext: Encrypted: no: Page size: 612 x 792 pts (letter) Version of PDF format: 1.3
Credit score. Minimum score of 640 or higher. Ownership stake. At least 15-20% equity in the home. Debt-to-income ratio. Below 43 percent. Combined loan-to-value ratio
You will also need to provide information about your current mortgage, including the lender’s name and account number, loan type, monthly payment amount, outstanding balance and credit limit.
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