FHA loan problems

[Anonymous]

Hi all,

I've been reading these forums for a while and this is my first post. I'm hoping someone with some experience or knowledge can help me.

I'm currently in the process of buying my first home. I was preapproved for a fha loan and made an offer on a house. Everything looks good and my mortgage rep pulled my credit and said everything looks good and I shouldn't have any issues.

My credit is average. High 600's. But here is my concern. I have a 2 collection accounts in dispute. One is for 100 dollars and the other one is for 230 dollars. I've read that the fact that they are in dispute can ruin my chance of closing the loan. Is this true?

My mortgage company that preapproved me pulled my credit already and said I should not have any issues closing. But he also did not mention the dispute status.

So now my question is should I just let it ride and see if everything goes through ? Or should I contact the credit reporting agencies and ask them to delete the dispute comments?

Any help would be

[gdale6]

You want to have the dispute comments removed before closing it could delay it.

[RobertEG]

The CRA must conclude their reinvestigation within 30 days after filing of the dispute, and mail their Notice of Results of Reinvestigation within 5 business days thereafter.  The Notice of Results is the official conclusion of the dispute, and should concurrently cause the CRA to remove any pending dispute flag.  Once you receive the Notice of Results, check your credit report and make sure the dispute status is updated to concluded, which will remove any issues of an unresolved dispute.