I am confused about the HUD guidelines.Can someone explain to me what the following mean? Do all 3 requirements have to be met?

The biggest problem with disputed accounts is when an account on your credit report is marked "disputed" then the impact of that account on your credit report, whether positive or negative, is no long affecting your score. Knowing this, some loan officers in the past would tell a client to dispute the negative accounts on the credit report.. The score goes up and they move forward with a loan.. The lenders are on to this and no longer allow disputed accounts... Larry Bennett was correct in defining the FHA guidelines, however the lenders, those with the $$, will sometimes add their own guidelines on top of FHA.. and there are lenders out there who will not allow any disputed accounts, even if they fall within the exceptions of FHA... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

All three have to be met. Disputed accounts on a credit report can cause problems in today's underwriting world. If you are thinking of buying a home, it is wise to discuss your situation 6 months prior so items like this can be discovered and resolved. www.MnHomesandLoans.com

Both gentlemen are correct on their answers. Unfortunately in this new mortgage environment we're in these days, the guidleines are clear on how disputed accounts are handled.Nancy J RelefordMurfreesboro, TN615-867-3060