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FHA loan and dispute comments..help

tag
Anonymous
Not applicable

FHA loan and dispute comments..help

I have a question , and all the research I've done I still can't seem to find a difinitive answer. I'm in the process of buying s home. I have applied for a FHA loan and was pre approved. I have a collection on my account for 1300 dollars. The loan company is aware of this. However recently the collection has added the comment that I am disputing the account. I disputed with the credit agencies roughly 4 months ago and it was verified as mine. No comment was placed then and I have never contacted the collection company to dispute. I call all three agencies today, Ex and TU removed the comment, but EQ won't, and made me dispute the comment. I called the loan company credit specialist and he seem indifferent and not knowledgable. My question is..do I have to get this comment removed ( seems the collection company can hold me hostage) to remain qualified for the FHA?
Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: FHA loan and dispute comments..help

If I put this in the wrong place I'm sorry, fairly new here
Message 2 of 7
jd403
Regular Contributor

Re: FHA loan and dispute comments..help

I'm still fairly new here also but I have read where it is better to have teh comments removed.  Is the balance paid in full?  If so, have you asked the creditor to delete from your reports?

FICO 8: TU 716 EX, 718 EQ 721 (10/19/21)

Discover IT $10.5k, Citi AA $10.8k , Cap One QS - $6.3k, Amex Optima - $4k Kohl's - $3k, M-Life MasterCard $8k, Amex Delta Gold $16.5k
Message 3 of 7
Anonymous
Not applicable

Re: FHA loan and dispute comments..help

No the balance remains , and no they will not pay for delete. In fact they want the full balance just to delete the comment, amd not a penny less, and the collection would remain on my report..
Message 4 of 7
Anonymous
Not applicable

Re: FHA loan and dispute comments..help

When you say "credit specialist" are you talking about your loan officer? Surely your loan officer would know, right?

Message 5 of 7
Anonymous
Not applicable

Re: FHA loan and dispute comments..help

My loan is through Quicken, the loan broker had me talk to a credit specialist, as he didn't have a definitive answer. Assuming it was to keep scores inline, but I assumed he would know the answer
Message 6 of 7
Anonymous
Not applicable

Re: FHA loan and dispute comments..help

Im not sure if i am 100% correct but ive been working toward a fha loan for a year now. If you go online and look up the requirements to qualify for a fha it read no late payments for at least one year and no open collections. Everything has to be payed and settled. Maybe when your loan actually goes to underwriting it will be kicked back if you still owe the $1300. Something to look into
Message 7 of 7
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