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Will I Get Pre-Approved?

I have just been pre-qualified for a mortgage and I am now wondering what my chances are of getting pre-approved. My mid score is 667, I have 3 open trade lines all paid on time for 12 months or more. My DTI is 5% and I have steady 10 year employment history with the same employer ($43,000 annual salary). I also have perfect rental history from the last 10 years (3 landlords). I do also have a two year loan history from Rent A Center with perfect payment history which I have been told I can use as alternative credit. The negative items on my credit report are a couple of late payments on one of my open trade lines from back in 2013 and I have a paid repossession with a $0 balance from 2010 (I got the car back right away). These are the items that I am nervous about. I am trying to purchase a house which I have been leasing for 3 years now for $100,000. The house was appraised last year for $170,000. I was pre-qualified already for this loan, but I am just nervous about my chances for getting pre-approved now. I would love to get someone else's opinion. 

 Thanks.
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May 31 - Town of Bennington
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Answers (3)

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I did actually type up a letter of explanation for the lates and the repossession as requested by the mortgage broker (combination of my husband getting laid off a few years back and some major medical problems that my husband developed in 2012). Hopefully this will be sufficient...
 
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May 31
It is hard for us to give a firm yes or no, but based on what you are saying and with a good Letter of Explanation for the lates, you should be fine.
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May 31
Your loan agent should be able to let you know the results of the automated underwriting approval unless you applied to a credit union or a local (non-national) bank.  Many lenders sell their loans to Fannie Mae or Freddi Mac and each and every one of these loans are run through an automated underwriting system.  If your loan is approved there, it is very likely that you will get approved in underwriting for the purchase of your home. 
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May 31
 
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