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Answers (3)
- Ken Nannini, "KCNTJC"
- Contributions:116
Yes....the dispute is not counted into your debt to income ratios so the underwriters will want it cleared up before you proceed. You can usually have the lender and credit vendor get it updated correctly in 30 days. If you have something in writing from the creditor saying the dispute has been removed or cleared, the underwriter may accept that; some will want it cleared on the report.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3421
Disputed account cause a problem with the automated underwriting.
You are on the right track with removing the dipsute and then a quick-rescore. If you can do this, you should be OK as long as your FICO score remain at the lender minimum. When they told you no guarantee, this is likely because the scores are borderline.
Get a letter fromt he creditor to verify the dispute removed, get the rescore done, and within 1 week you should hopefully have your full approval back in place.
- krash0376
- Contributions:5
Must be a tough question, you guys normally split out some answers quick.
Can a dispute on my wife's credit report kill my deal?
My wife and I are looking for a new home, we were told that because my wife is disputing a $600 charge on her credit report, that VA and FHA will not do the loan. So I asked if we paid the amount and dropped the dispute would that work, the answer was that it had to be off the credit report, and that would take 30 - 90 days. I then asked about a quick re-score and was told there is no guarantee. We are both over 650 mid credit score's, looking to use my VA loan benefits.
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