If you have disputed accounts, and you are trying to get an FHA loan here are a few things you need to be aware of…
1) If the cumulative outstanding balance of your disputed derogatory accounts is greater than $1,000 we must downgrade your file to a manual underwrite (even if you have good credit).
2) If the cumulative balance is less than $1,000 we don’t have to downgrade to a manual underwrite.
3) Medical collections are excluded.
4) All disputed accounts must have a letter of explanation by the borrower on the basis of the dispute.
5) For non-derogatory disputed accounts, including: Disputed accounts with a zero balance, with late pays aged 24 months or later, or that are paid as agreed do not have to downgrade to a manual underwrite.
News: Several important economic reports out this week that could be market movers – including Retail Sales on Tuesday, and GDP Final on Wednesday. I’ll keep you posted on how these affect the market.
That’s it for today!
Thanks for reading!
Brett
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