USDA Guaranteed collection explanation for underwriter

[Anonymous]

My LO recommended my wife and I write a brief statement on why we have each collection on our CR and why it wont happen again before it goes to the underwriter for pre-approval. I know there are some of you out there that have had to do this as well.

My question is- What did you say and in what type of format? I just dont want to say " I was young, immature and stupid! Definately learned my lesson and it wont happen again!"

Any ideas?

[WannaHouse]

Never had to write one, but if I did, I would simply be honest. Alot of people are totally unaware of the damage they do to their credit.

[Anonymous]

Be honest.  It may be OK to leave small details out, but don't claim some huge hardship you can't prove etc.  As long as there are not a ton of these that need to be filled out, they are no big deal.. BUT, if your file is on the edge of approval, having good, solid, truthful, and accurate explanations can remove some of the UW's concerns.

[Anonymous]

I had to also write a letter of explaination letter and I put how young and immature I was, and i got my eligibilty letter a couple of days ago. I would just be honest and convince them that it won't happen again.  I told them i now understand the importance of my credit history and the reflection it had on my character. Hope this helps a lil bit