Automated underwriting engines will ask that the disputes be removed before a final approval will be given on your loan.
Getting disputes removed can be costly and very time consuming. …and, often this process alone can kill your purchase transaction.
One way to get around this is to use a manually underwritten FHA loan.
FHA guidelines allow the underwriter to do a manual underwrite on your file (assuming you would otherwise qualify for the loan), and close the loan with the disputes intact and remaining on the credit.
Good to know if you are in this situation!
If you or someone you know needs to buy or refinance a house please contact me. I would love to help you out!
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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