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Does anyone know FHA requirements regarding collection accounts? I know it all depends on what the lender will accept, but are there any general rules?
For example, I have a collection account and a charge off from 5 years ago. In my state this is well outside the statute of limitations, but will they have an effect on the approval process?
If I remember correctly, if the collections are newer than 2 years, they must be paid unless the total sum of all the collections is under $1000. If over 2 years old, then they don't need to be paid.
Unless something has changed they rescinded the requirement to pay anything over $1k, but of course this can vary by lender as they can require them to be paid but it's not an FHA requirement.
http://portal.hud.gov/hudportal/documents/huddoc?id=12-10ml.pdf
Thank you both! That is helpful information.
I didn't want to hijack this other person's post, so commenting on it here instead ... The way the post is written, it sounds like student loans are not considered in the "debt" category per FHA calculations? Can that be true?
Thanks again