No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Uncommon Common Sense from FHA regarding Consumer's Disputed Credit FHA has issued new guidance to the Homeownership Centers on the treatment of borrowers with disputed accounts on their credit reports.
For FHA loans the dispute status does not need to be removed if the account is any one of the following:
1. The disputed account has a zero balance
2. The disputed account is marked as "paid in full," or "resolved"
3. The disputed account is both a. less than $500.00, and b. more than 24 months old
This is great news for Lenders, Realtors and borrowers and should make it easier for borrowers with old and paid off disputes or old accounts that had been disputed to get FHA financing.
Is this true?
That is correct, but time will tell how many lenders will start following it.
So true...FHA/VA guidelines are now secondary to lender guidelines.
The official guidance came in an email from Jerrold Mayer, who is the email address that all of HUD's announcements come from. It reads:
If TOTAL Scorecard issues a referral to manual underwriting based on the presence of one or more disputed accounts, lenders should ignore the TOTAL finding to refer the account to manual underwriting in any of the following circumstances:
1. The disputed account has a zero balance
2. The disputed account is marked as “paid in full”, or “resolved”
3. The disputed account is both
a. less than $500, and
b. more than 24 months old