I need help with a loan....

simplysilky · Joined: 26 Aug 2007 Posts: 2 Location: Georgia

I'm having a problem getting pre-qualified for a home here in Georgia. I have gone through 5 LO's who are telling me that I need to have removed 2 trade lines on my credit report. One of the tradelines is a Capital One CC, who is inaccurately reporting and really should have fallen off my report already according to the Statutes of Limitations. The account was opened in 2001, and the date of last payment/activity was 2001; it's 6 years across the boards for debts originating in NJ. The other tradeline is a voluntary repo from NJ, also being reported incorrectly throughout my whole credit report. I have disputed everything in writing too. So all these LO's are telling me to get rid of them before I can purchase a home. They told me I could use alternative docs. I moved into my townhome in Jan 07, so I only have 8 months of verifications along with perfect rental history since then, and a couple of utility bills since January.
Are there any programs where I can bypass these items and buy my home? My credit scores are as follows, even though mortgage credit checks use a different scoring module:

Transunion: 596 (The LO states my score is a 503)
Equifax: 580
Experian: 581

These scores are real scores from the bureaus and myfico.com. I make 42k a year, been on my job for 8 years and steadily trying to repair my credit.

Please be easy on me....I'm a newbie!! :roll:

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

FHA doesn't look at scores, but they'll (the underwriter) need verification from the credit agencies that the items in question are resolved. You say they're reporting incorrectly, but not necessarily how, so it makes it difficult to directly answer that portion of your question.

Payment history is looked at for 2 years, so your previous residence applies too.

simplysilky · Joined: 26 Aug 2007 Posts: 2 Location: Georgia

Haplo wrote: FHA doesn't look at scores, but they'll (the underwriter) need verification from the credit agencies that the items in question are resolved. You say they're reporting incorrectly, but not necessarily how, so it makes it difficult to directly answer that portion of your question.

Payment history is looked at for 2 years, so your previous residence applies too.

Hello!
The inaccuracies are:
1. Different dates of last payments on all 3 reports
2. One report states delinquencies in 2005 thru 2007-the account was closed in 2001!
3. Reports different balances