FHA to deny mortgage backing for credit disputes above $1,000

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If the balance or any portion of an equity line of credit in excess of $1,000 was advanced within the past 12 months and was for purposes other than repairs and rehabilitation of the property, that portion above and beyond $1,000 of the line of credit is not eligible for inclusion in the new mortgage;

Effective April 1, 2012, Federal Housing Administration (FHA) loan credit reports must be free of most credit account disputes. One of the requirements of FHA Mortgagee Letter 2012-03 is that buyers must resolve any outstanding credit disputes of more than $1,000 on their credit report if that dispute is less than two years old.

 · Lenders credit their own overlays to increase the credit score threshold, most being 620, and secondly, if your credit score is below 580, you would need 10% minimum down payment, and if the credit score is over 580, then you can go with the minimum 3.5% down payment.

FHA Derogatory and disputed account guidelines matrix. If a borrower is disputing any credit accounts or collections, the mortgage application does not have to be referred to a DE underwriter for review due to the disputed. FHA Derogatory and Disputed Account Guidelines Matrix

Welcome. I am working with TransUnion on a better method to remove the disputes, as the method I went over above still seems to be tough for some people. Once I hear back from them I’ll create a new post with some further info on TU.

Looking for tips on how to remove dispute from credit report? During the mortgage process, underwriters may put a loan in suspense when there are credit disputes on a credit report. Loan Originators should not issue a pre-approval or submit a loan before reviewing and taking proper procedures when there are disputes on a borrower’s credit report.

Every FHA & VA lender should read Ginnie’s report from Friday as that organization is evaluating non-bank issuers. Lots of rumors about Freedom Mortgage purchasing RoundPoint. without any progress.

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