FHA Loan Question

cliccmade · ‎09-18-2008

Can you roll the collections into the loan?

CH 7 filed 2/24/14 TU 572
Discharged date: 6/06/14
$500 Secured USBank Platinum
$700 First Premier Bank
$2000 Merrick Bank
$1300 Fingerhut
Goal 620 by 12/1/2020

DallasLoanGuy · ‎09-18-2008

no FHA doesn't require collections to be paid anyway.... if your lender is requiring, get another lender. you will get the same rate and terms and not have to pay them off. no brainer

Retired Lender

cliccmade · ‎09-19-2008

Would the new lender need to pull a new credit report? Can they use my FHA file?

CH 7 filed 2/24/14 TU 572
Discharged date: 6/06/14
$500 Secured USBank Platinum
$700 First Premier Bank
$2000 Merrick Bank
$1300 Fingerhut
Goal 620 by 12/1/2020

DallasLoanGuy · ‎09-20-2008

yes, new lender will pull new credit. why do you ask afraid of losing 3 points on a credit pull for a loan program that doesnt care if you lose those 3 points? i guess you can re-use the file.... but the new lender will likely just use a fresh manilla 'file' folder.

Retired Lender

cliccmade · ‎09-23-2008

Got the money to pay the collections from a family member. Will this be an issue?

CH 7 filed 2/24/14 TU 572
Discharged date: 6/06/14
$500 Secured USBank Platinum
$700 First Premier Bank
$2000 Merrick Bank
$1300 Fingerhut
Goal 620 by 12/1/2020

BrianB_The_Loan_Professor · ‎09-24-2008

Only if paying them off lowers your scores.

i would hold off and let a lender tell you if you need to pay them or not.

Good Luck

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly