Getting file ready for underwriting

[UpmyscoreinFL]

My mortgage broker is asking for my letter of explanations up front. I have documented everything and should be submitting the final paperwork in Monday appraisal has been ordered. I am still just so nervous. I am at a middle score of 664. I have a short sale April 2009 and lots of late payments but now have 12 months with no late payments and just one small paid collection. Can they still deny me and what do I do if that happens? Find another mortgage broker?

[JM-AM]

First thing you have to do is start thinking positive.

Many Processors, or LO's, or Brokers, through their experience know what the UW's will ask for in certain situations. Having that in your file will actually help move your process along a little faster.

Yes your loan can still be denied, but it seems your Broker is on top of things by collecting your LOE up front.

Since you are using a Broker, most likely if something goes wrong for a denial they will automatically submit with a different Lender. Thats one of the benefits dealing with a Broker.

[MarieSmiles4]

I have been stressing over the same things.  I read somewhere that for FHA they want a 12 month clean credit report.  But then I read 24 months somewhere else.  I guess it depends on the lender maybe?  I'd like to know the answer to this myself!

[JM-AM]

12 months is all you would need.