FHA clarifies credit-dispute ruling

Last week or so, we told you how the FHA wouldn’t back a loan if the borrower was involved in credit disputes totaling more than $1,000.

Now HousingWire reports that the agency has clarified that ruling, saying that in some cases the borrower won’t have to pay off the amount, but can simply provide a written explanation.

According to FHA, if a credit dispute is the result of a “life event,” such as a medical bill, death, divorce, or loss of employment, the borrower can still have his loan insured by FHA.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
This entry was posted in The Buzz. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *