topic Re: How does FHA determine date of baddies? in Mortgage Loans

How does FHA determine date of baddies?

JShidell — Wed, 10 Sep 2008 13:18:53 GMT

How does FHA determine the date of baddies on your credit report? Do they go by the "Date Opened" or "Date Reported"? I understand to qualify for a FHA loan you have to have a clean report for atleast 12 months with no missed payments or baddies. What happens if a CA shows up out of no where from an CO account that is 4+ years old, will that CA prevent you from qualifying for a FHA loan for another year?

If it goes by "Date Reported" i'm in for a long run, because I have CAs on my credit report that continue to update the "Date Reported" every month. If it does not go by "Date Reported" or "Date Opened" how is it determined?

Thanks for the help.

v/r
JShidell

Re: How does FHA determine date of baddies?

DallasLoanGuy — Wed, 10 Sep 2008 13:54:44 GMT

We would get to the bottom of it.... collections that get resold do not make the account more recent. not a problem, i do this all of the time.

Re: How does FHA determine date of baddies?

JShidell — Wed, 10 Sep 2008 15:09:30 GMT

DallasLoanGuy wrote:

We would get to the bottom of it.... collections that get resold do not make the account more recent. not a problem, i do this all of the time.

DallasLoanGuy,

[REMOVED]

Thanks for the information, I just wasn't sure if I should keep an eye out for certain things on my credit reports about this.

v/r

JShidell

Message Edited by Timothy on 09-10-2008 08:09 AM

Re: How does FHA determine date of baddies?

itzateach — Thu, 11 Sep 2008 22:32:57 GMT

I had a late in Sept 07 but Experian is reporting it as October 07. I went to the Credit Union and got a letter stating it was NOT October. I faxed this to my loan officer (I am refinancing) but the underwriter wants a statement from them saying they will report it to Eq, Exp and TU. The Credit Union faxed a letter saying that they will investigate (why when they had just written a letter saying it wasn't late in oct??) and report but now I can't close until NOV1 because of this one mistake. This is a FHA refi....does that sound normal? Appraisal was done today.I also called Experian and disputed the date but I don't think it is going to get changed before Oct 1 date of closing that now can't take place. HELP!!!!

Re: How does FHA determine date of baddies?

DallasLoanGuy — Fri, 12 Sep 2008 01:56:47 GMT

itzateach wrote:
I had a late in Sept 07 but Experian is reporting it as October 07. I went to the Credit Union and got a letter stating it was NOT October. I faxed this to my loan officer (I am refinancing) but the underwriter wants a statement from them saying they will report it to Eq, Exp and TU. The Credit Union faxed a letter saying that they will investigate (why when they had just written a letter saying it wasn't late in oct??) and report but now I can't close until NOV1 because of this one mistake. This is a FHA refi....does that sound normal? Appraisal was done today.I also called Experian and disputed the date but I don't think it is going to get changed before Oct 1 date of closing that now can't take place. HELP!!!!

your loan officer should be able to get the report updated with that letter.

Message Edited by DallasLoanGuy on 09-11-2008 08:56 PM

Re: How does FHA determine date of baddies?

itzateach — Fri, 12 Sep 2008 04:43:56 GMT

Underwriter said no to the letter and that the Credit Union has to write a letter saying it has been updated to all 3 bureaus. When I went in to CUnion tonight, they said that they report all the same things to all 3 bureaus so that Experian was at fault for inputting it wrong. I had already disputed on the phone with Experian. Now, the CUnion has asked their main dept to do a 24 hour research and hopefully write the sentence the underwriter is looking for. I am expecting a call from them tomorrow to see if they complied.

I have done everything they asked and very quickly. Appraisal was done today...anxious to hear what it is tomorrow. Everything is a big rush trying to close by Oct. 1. But this glitch might hold it up another month. Just my luck the rates will jump up by then