Help! I need advice

[Anonymous]

I love renting bit my husband doesn't. So we started trying to buy a home last year. Mind you we never used our credit and didn't really care much for it either. So on March 2019 we applied for a home. Our numbers came back very low...

TransUnion 450/514

Equifax 410/490

Experian 440/596

We only had student loans and medical collection accounts on file.. yikes.

We began out credit repair process. We started by opening credit cards. 

We opened 6 last year. All together 4500 in credit

We each bought a car using credit.

This year we decided to try again in June. By then all the collection account would be paid and out credit cards would reach one year plus I'm age.  We were not planning to find a home but we ran into an old friend that invited us to visit. One the way home we found ourselves lost and turned into a newly constructed road to turn around. When we did we ended up seeing a home we loved. New build by kbhome. Price 285k we both fell on love and asked to see the inside. We were sold and applied for the loan. Now we were told our scores are now

TransUnion 619/638

Equifax 590/ 644

Experian 665/ 670

My husband has a few items left to fall off and I have a few collections I paid that won't fall off just show settled for less. We got a pre approval from our bank but kb insisted we finance thru them. So we applied for loan thru them. We are still waiting. 

My issue is about 2 weeks before applying for loan we mailed dispute letters for some addresses and 2 loans that were inaccurate. They just showed up today that they are in dispute Today.  Will this ruin our chances of getting the loan now? Does disputing while getting mortgage affect us and if it does, is there a way to stop it?  Or fix it?

[FireMedic1]

Welcome @Anonymous 

Whats done is done. Once a dispute is placed. They wont retract it. They've probably sent the dispute to the OC if any corrections are warranted. There might be a hiccup, maybe not. Best of luck on your approval.

[donkort]

I've heard of situations where removing disputes is required for final mortgage approval.

I've heard of situations where one called the credit bureaus to retract disputes right before mortgage approval.

How far along are you in the mortgage process?  Have you gotten at least to the "conditional approval" phase?

[Anonymous]

I had a conditional approval with my bank as long as all my credit cards were zero balance and no collections. We were good. From kb home we are still waiting to hear back

[donkort]

I'm sorry you're going through this.  I hope this gets resolved very soon.

Have you spoken to your Loan Officer about why you are disputing?  And how they are not your accounts?

[Anonymous]

I must say I'm a bit concerned.

You essentially attempted to impulse purchase a home (you stumbled upon the home; you didn't find it through planning and research). Additionally, you allowed the builder to pressure you into an impulsive mortgage app. 

Throughout my life, I've never made an impulsive financial decision that ended positively for me. Perhaps I'm the exception to the rule, but I doubt it.

Just my $.02... I think you should tap the brakes and be more strategic and intentional. 

[Anonymous]

It might seem impulsive but I'm extremely picky and figured it would take a long time to find a home that for everything I wanted. We had stopped and visited a few months before but nothing sparked so I figured I have a lot of time.  I can see what you mean and thank you for your opinion. 

[Anonymous]

I spoke to loan officer and explained the situation,  an luckily he had me write explanation letter. 

I was told that I would need to call the agencies number to close disputes for closing purposes. They said most disputes close and remarks are removed with in 48 to 72 hours. 

So looks good right now, thank you for everything

[donkort]

That's what I figured.  Loan officers frequently ask clients to write "letter of explanations" for such situations as yours.  I had to write a few before I got my mortgage back in 2009.