Everything You Need To Know About Mortgages

mortgage preapproval and approval?

I have been prequalified for a loan, will two 30 day late payments over a year ago and an item sent to collections over 2 years ago be enough for them to deny me a loan?
I already have the preapproval letter with loan to values and estimated cash to close, etc. Am I safe?

It may, but I need more details. Are the late payments on a mortgage, or revolving account, like a credit card? What is your credit score? Generally speaking, lenders look at credit score first. You may have those lates and a collection, and still have a 700 score, at which point an underwriter may only ask for a letter explaining the reason for the lates. If the 30 day lates were on a mortgage, you may have a more difficult time getting an approval. For FHA, most lenders are ok with 30 day lates as long as they are older than 1 year.
In either case, you should always get the pre approval in writing.

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