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Consumer Letter of Explanation

My wife and I are currently in the mortgage process. We pre-qualified for 140k (FHA).. we fell in love with a home and our offer of 115k was accepted.. Had our appraisal/inspection come back Monday with good news, appraising more than what we offered and are officially in the underwriting process! However, our credit scores are average.. between the two of us we have a few things in collections and a few late payment deragatory marks. Our lender sent us a consumer explanation letter to fill out, they have been super nice and left the impression that we are still good to go with the process but we are starting to worry that we may be denied by the underwriters. Being our first time being in the mortgage process we are wondering if having to fill out this letter means that the risk of being denied?

Thank you in advance

submitted by /u/jonfubo
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source https://www.reddit.com/r/RealEstate/comments/i11lse/consumer_letter_of_explanation/
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