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if you have abill in collections how long do you have to wait after it is paid off to qualify fha mortgage

By househunter1236124 from IL Apr 8th 2014
Reply

Depending on any lender overlays, there should be no waiting period. Some lenders require that if it is over "X" amount of dollars, that it needs to be paid before closing to qualify. Can you please provide more details and specifics regarding your situation. Thank you.

Apr 8th 2014

My lenders do not require collections to be paid off unless it is a student loan. Kris Krajecki630-347-6321

Apr 8th 2014

It depends on your lender. Many lenders don't require collections to be paid off.

Apr 8th 2014

If you have proof that matches the collections on your credit report you don't have to wait any time.

Apr 9th 2014

As long as your score is =>580 score you should be okay to qualify. Medical bills can be overlooked-Serious collections are not. NO waiting period once paid off. Approvals are normal credit score driven

Apr 9th 2014

A lot of times you can dispute the item & have it removed in a few days. Food for thought. Call me on it if you have questions.

Apr 9th 2014

As long as you meet the minimum credit score requirement for an FHA loan, most lenders will not require that the collections is paid off prior to qualifying you.

Apr 9th 2014

Many collections do not have to be paid off, and if they do, there is generally no waiting period. However, BE VERY CAREFUL here. Many times I see people advised to pay off a collection, or do so on their own assuming that it is best for their credit to do so. This is not always the case. I have access to free software enabling me to run unlimited scenarios for things we could do as well as how it would affect your score. In addition, I can use this software to project out in time so we can see what the effect will be in one month, or two, or more. Often I can get peoples score up significantly while we process their applications which results in a better rate at the settlement. I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address for live chat or quote is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Apr 9th 2014

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