Most buyers who simply received the lottery, received a large inheritance, or are lucky sufficient to have enough cash determine that they wish to pay money for their home for the convenience of not having a monthly mortgage cost. If the shopper has plenty of late payments in his credit score report, this is one occasion where a letter of explanation appended to the mortgage application is perhaps useful in explaining the problem. In some instances a seller will ask for permission to remain in the residence for some length of time after the closing.
All mortgage lenders will require …