Regular Contributor
PhillyGuy215
Posts: 165
Registered: ‎03-22-2009
Re: OMG!!!! I GOT MY FHA PRE-APPROVAL!!!!!
[ Edited ]

I wouldn't sweat the "Consumer Disputes"... I had a ton of them on my CRs when I did my mortgage.   I was an FHA with scores in the 780-800 range.   The underwriter didn't care about them or ask why I had a lot of tradelines in dispute status.

 

 

Above 640 is the first hurdle, then no recent late pays and no UNPAID collections is the next hurdle, and no recent collections paid or unpaid.   Then the final one is the questions from the underwriter.  Don't challenge whatever questions they bring up during underwriting, just supply all the documentation you can.   When you answer their questions just be plain about the answers.  At settlement they will print your answers out on a form that you will be signing.

 

BTW what I learned, you can NEVER supply enough documentation for a mortgage app.   The more paper you supply them the happier they will be.   I dumped about 2" of paper from a Quicken report in their lap when they asked about a dozen or so transactions, and why there were all these transfers whizzing around between accounts.

 

 

Edit: collecitons

EQ: 801!
I got one foot in the 800 Club, now I need the other two feet.