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steveo1225 · Joined: 31 Dec 2010 Posts: 1 1.41 Dollars($)

Can someone obtain a FHA loan with a few disputes on the credit report? My mortgage lender says we can't. Trying to purchase a home and this is holding me back.

gmakerley · Posted: Fri Dec 31, 2010 11:42 am Post subject:

With the new world order, disputes are held in high DISregard by lenders. Far too many "debt service" companies talked the public into disputing bad debts all over creation...many times fraudulently. Now the lenders have to look at these things with a jaundiced eye. Does a dispute truly mean that the borrower might not owe the money, or is it a smokescreen meant to clean up a credit report?

Yeah, you're going to have trouble if you're disputing tradelines these days. Hopefully, you can document your claims.

tomburris · Posted: Fri Dec 31, 2010 12:33 pm Post subject:

Resolve the disputes..... And you are ready to go.

tfaulhaber1 · Posted: Mon Jan 03, 2011 9:42 am Post subject:

This is up to the lender's discretion and what the dispute is on? It's not that easy to remove the dispute. If it's not yours, contact the creditor and have the provide a letter with there letter head stating that it's not yours or has a zero balance. Once you receive that, your loan officer will request a credit supplement. Hopefully that will suffice.

greg12 · Joined: 30 Dec 2010 Posts: 27 6.20 Dollars($)

Just to add a little to what has been said before me, the answer to your question is maybe. I can only speak for my company, but you can get an FHA loan with disputes but it moves to manual underwriting and the guidelines tighten up (particularly debt-to-income-ratio).
Your best best is to try a direct lender, they may have the same flexibility.
Good luck!

Guest

unfortunately, we are in the same boat. we've been working on disputes for 6 wks. Was supposed to close on our loan dec 22. this is the only thing holding us back. loan officer tried to go through a credit guy to get them off, but made it worse. Now working w a more reputable person and i think we're making progress. he uses a rapid rescore method - whatever that is.

Guest

Anonymouse, hope it works for you. Not sure that rapid rescore will get rid of the disputes but if your other efforts make them go away it will be reflected when the re-score is done.

fivefin · Joined: 28 Dec 2010 Posts: 10 3.09 Dollars($)

Your disputes need to pass the 30 day mark, then call the bureaus and have them removed.

It's no more than a phone call, and most loan officers freak out when this is the only thing that holds their loan up.

TransUnion at (800) 888-4213 or (800) 680-7289

Experian at (888) 397-3742 or (877) 481-6826

Equifax at (877) 784-2528 or (866) 493-9788

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