Financing in Abilene>Question Details

Luckyclover, Home Buyer in Abilene, TX

i got a approve/eligible on our loan app but have a dispute on a medical the lender and collection agency got a letter showing paid in full with a

Asked by Luckyclover, Abilene, TX Tue Jul 27, 2010

credit recore and now it is re submitted for final review we have had to change our closing date again for the third time, the lender called for a ins. binder and tentavly set the closing date for next week. Just wondering if the whole process will be reviewed again and possibly denied or at best get a final approval.

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The dispute has to be taken care at the credit bureau level. Assuming that has happened, and you still have approve/eligible findings and there was no other issue you should be fine. This is a relatively new issue that has been causing problems. The reason that it has caused a problem is because when the account has been disputed, that negative account was NOT taken into account to receive the approve/eligible. So, Fannie/Freddie now require the dispute to be taken off to make sure even with the negative account that you still receive the approval.

Jay@moneysafe.com
Web Reference: http://moneysafe.com
1 vote Thank Flag Link Wed Jul 28, 2010
hi....it will have to go through final review, and once the docs are signed at closing...the lender is going to require the title/escrow company to fax in some of the docs and disclosures for review prior to issuing a funding number....there is an old saying in our business...it ain't closed, till it's closed..i hope things go well for you from here forward.
best regards.
bob mcclure
mortgage one
brighton, michigan
0 votes Thank Flag Link Wed Aug 4, 2010
Did you find youself a home yet? If still looking get in touch with me
Web Reference: http://www.RandyDodd.net
0 votes Thank Flag Link Wed Aug 4, 2010
Of course anything can happen during the loan process but I think you are fine. You will want to check with your loan officer as to how the rescore came back as that is the only thing that could potentially effect your approval.

I am a Mortgage Broker and a Realtor and believe me, they are not picking on you. They do this to all my clients. I recently had a $750k purchase where the buyers were an attorney and a doctor. They were putting $500k down on the home and had perfect credit. The lender was still asking for some ridiculous things. In your case they were probably necessary but just know lenders are more careful now then ever before. To a certain extent that is a good thing but it can be frustrating at times.

Good luck with your purchase and financing.
0 votes Thank Flag Link Wed Jul 28, 2010
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