Help in preparation for a mortgage

[Anonymous]

Hello everyone I'm new here so if this is in the wrong place please move.

I am currently wanting to get a house next year around February or maybe March. I had some collections and charge offs that were on my account but I have had some removed and paid the others. I have seen many people on this say that if any of these accounts have any comments that say "disputed" or whatever on them that a lender wouldn't work with me because of it? Even if it's not currently being disputed? May I ask why is that ?

I am currently saving money I am hoping to have about 3-5k in my savings account I will also have about 6k from my taxes and another 3k sitting in an IRA account. So all in all I'll have about 10-14k cash towards a 110k house or so

My fico mortgage scores are all currently low 600s besides my transunion which is sitting at 590. These are all held down because high Uitilizaion on an AU account and many recent new accounts and inquiries.

Is there anything I should be worried about? All of my payments have been on time for 3 years now I'm sorry this is all over the place and long I just want to be prepared!

[Revelate]

Welcome to the forums!

Quick thoughts:

No dispute comments because the common mortgage software doesn't distinguish dispute comments vs. disputes: mortgages will not be underwritten with a disputed account period except maybe in the jumbo space or portfolio lender, and this second one is not common at all.  Disputes are weird, some stay active for a lot longer than they should, so just get the comments removed.  See instructions in a sticky in the Mortgage forum.

Utilization has no memory so either get the AU paid down or off your account.  Going to suggest off because you can and should be saving all cash you can for the mortgage, and if you're not in any way responsible for that debt, get rid of it.

Finally stop making any credit applications, at all, until after the mortgage funds and you have keys in hand.

(I did ask for this thread to be moved, probably to the mortgage forum)

[Anonymous]

Thank you very much I already knew how to have the disputes removed I was just kind of confused as to why it was necessary. I will get that taken care of then. And no more accounts at all for me I just got a new discover secured and I'm absolutely finished with apping for anything. I have already told my step father that I needed to be removed off of the account as it's not helping anymore. Thank you very much though !