credit inquiry letter for mortgage

Don’t Let Mortgage Pre-Approvals Sink Your Credit Score. By. (paradoxically enough) every time that happens, you trigger a hard inquiry, which indicates that, as a potential big-loan holder.

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The Federal Housing Administration, or FHA, requires a credit score of at least 500 to buy a home with an FHA loan. How to Remove Hard Credit Inquiries from Your Credit Report – Hard inquiries occur when you apply for new credit, such as a mortgage, car loan, or credit card. But other requests can trigger a hard inquiry, including those pertaining to a new insurance policy, job application, or cell phone.

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Well if you have applied for credit, specifically a Home mortgage, then the underwriters want to make sure they are calculating your debt ratio correctly. When explaining a credit inquiry, it is.

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Hard inquiries occur when you apply for new credit, such as a mortgage, car loan, or credit card. But other requests can trigger a hard inquiry, including those pertaining to a new insurance policy, job application, or cell phone.

Letter of Explanation for Credit Issues By Sari R. Updated on 6/6/2017. Borrowers are often prompted to write a letter explaining the reasons for credit default. You can use our sample letter as a guide if you asked to write such a letter.

A stylized letter F. Three evenly spaced dots. or dismiss a notification. Your credit reports play an important role in your financial life. Whether you are applying for a loan, auto insurance.

My mortgage lender wants a letter of explanation for inquiries on my credit report Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

A letter of explanation (LOE) is a fairly common occurrence in the mortgage underwriting world, and they’re not always a bad thing. Lenders and underwriters sometimes ask for these letters in order to document something, to obtain more information, and to satisfy the requirements imposed by FHA, VA, Freddie Mac, etc.

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