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getting qualified

Im looking to get a mortgage between 59000 and 75000 for a newer home in the phoenix area... was told today by a mortgage professional after running the numbers I wasnt eligible. my middle score 630. I have three items in dispute and all are from at least 5-6yrs ago, I have missed a payment or been late in over 3yrs. Im looking for an FHA with 3.5% down. just looking for some help here as other people with worse situations are capable of getting things done. 
  • January 17 2012 - US
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Answers (6)

I may be mistaken but the issue with an account being labeled as a dispute is that the account history will not be factored into the borrowers credit score.  If the Dispute is removed from the credit report the score is likely to drop particularly if the account in dispute contains negative information.

Disputing derogatory credit was one way credit repair companies would manipulate credit scores in the past.  I think that loophole has been closed.
  • January 18 2012
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The loan officer is the person that gave me this information. I was told that even with 10% down he would not be able to get it funded due to the disputes.
  • January 18 2012
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The automated system may not give an approval because of the disputes.  Just needs to be manually underwritten; and if the OP qualifies in all other areas, the disputes are not an issue.

  • January 18 2012
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Profile picture for kossevv
I remember a new guideline that came out recently which made it a little more difficult to qualify if you have disputes. That might be the issue.
  • January 18 2012
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I would recommend getting a second opinion.  Your scenario sounds doable based on what you have written.
  • January 18 2012
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I suggest that you talk to your loan officer to determine exactly what you need to do to qualify.

  • January 18 2012
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