Credit Disputes Impacting Mortgage Insurance Eligibility

March 29, 2012

New FHA Rule to ‘Kick Some Buyers Out’?

AILY REAL ESTATE NEWS | TUESDAY, MARCH 27, 2012

FHA-Backed Loans,Credit Disputes,Qualifying for Mortgages,Realtor Mag,Getting into the Housing MarketThe Federal Housing Administration has announced that as of April 1st, it will not insure mortgages for borrowers who have an ongoing credit dispute of $1000 or over in their file.

To be considered for an FHA-backed loan, borrowers will have to pay the remaining balance on a credit dispute. This new rule does not include disputes from more than two years ago or any related to identity theft.

This new rule has the housing industy worried that more potential buyers will be unable to secure a mortgage.

RealtorMag

Here is theĀ article.

Leave a Comment

Previous post:

Next post: