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FHA to deny mortgage backing for credit disputes above $1,000

A debt must be legally enforceable for the listing to accurately show up on your credit reports. If you feel that this debt is not valid, you may wish to dispute any listings. As I mentioned above,

Disputed Credit Derogatory Credit Account refers to disputed charge off accounts, disputed collection accounts, and disputed accounts with late payments in the last 24 months. If the credit report indicates that the FHA mortgage applicant is disputing derogatory credit accounts, the FHA mortgage applicant must provide a letter of explanation and documentation supporting the basis.

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HUD Announces Tightening Of Credit Requirements On FHA Loans The new FHA rules for credit disputes was put in place to restrict borrowers with collection account or bill dispute on the credit reports. If the borrower had just one disputed account over $1,000 on any credit report, they wouldn’t have been allowed to receive an fha-approved mortgage loan. real estate experts believe that these new restrictions would have effected one out of every three applicants applying for an FHA loan.

FHA to deny mortgage backing for credit disputes above $1,000 March 26th, 2012 5:28 PM by IT Admin Beginning April 1, potential borrowers with ongoing credit disputes totaling more than $1,000 will not be able to get a mortgage insured by the Federal Housing Administration.

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She paid on the debt for awhile but then defaulted on them. Now one of the credit cards is garnishing her paycheck for over $3000. She originally owed less than $1000. Can this company hold her.

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FHA Credit Requirements One of the great benefits of an FHA loan is the ability for borrowers with poor credit to still have an opportunity to qualify for a mortgage and buy their dream home. The flexible credit score minimums combined with the low-down payment requirements are why FHA loans are so common today.