Posted on: 02nd May, 2010 08:06 am
I been told that Underwriting for a FHA loan does not like disputes on the Credit Report. What if the dispute is an legitimate dispute whereby the Creditor or the Credit Bureau have made mistakes. The FCRA gives a person the right to dispute and if this is true then it appears that the FHA takes that right away for persons who are looking to purchase a home
A borrower has the rights to dispute any negative item on the credit report. If the fault has been on the part of the creditor or the credit bureau, then that won't affect your chances of getting a FHA loan.
I applied for a home loan. Even though I have the scores and income to get the loan it is still in underwriting because I have a dispute remark on my CR. I have been told that the only way that the loan would go through is for me to get the remark remove. This is tricky task because my dispute is valid. Why do I have to give up my right to dispute the inaccurate information on my report. If I do ask to get the remark remove will it be used against me when I try to get my CR corrected after closing(If I close on the house)?
What lenders are you currently working with??? FHA loans can close with disputes on credit reports.
Are we talking about FHA loans or Fannie Mae/ Freddie Mac loans? There's a big difference in how the applican qualifies.
This has been my concern as well I was told once I go into underwriting that the disputes have to be removed...I live in Ohio, so I have not even attempted to get a pre -approval because I don't know how to get rid of the disputes!!!! Any suggestions???
A loan officer should be able to assist you in removing the disputes from your credit report.
I got pre-approved for a FHA loan and have all the requirements, money, credit score, stable work history etc! And I was told they will not close with disputes on my credit report, I got all my disputes removed with Exeperian but Equifax and Transunion have been so much trouble and are still showing up! I am suppose to close next week on Apr 22nd!!!!!! Why will this keep me from closing!! I can't believe they will do this, the home is almost done and i picked upgrades and put a 11k into the closing cost already! This sickens me if i don't get this!!!
The major servicing lenders we all sell to require disputes to be removed.
You're going to find that the removal of disputes will be virtually nationwide.
