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Valued Member
Posts: 32
Registered: ‎05-14-2012
0

FHA and Collections

I know there have been a lot of questions about getting funded for FHA with open collections, but I'm wondering if anyone has qualified with a collection that they're making payments on.  We have a collection of about $9,000 that we've been making payments on for over a year.  We are looking to purchase in July when our Chapter 7 bk will have been discharged for 3 years.

Thanks!

Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
0

Re: FHA and Collections


rinkgirl2 wrote:

I know there have been a lot of questions about getting funded for FHA with open collections, but I'm wondering if anyone has qualified with a collection that they're making payments on.  We have a collection of about $9,000 that we've been making payments on for over a year.  We are looking to purchase in July when our Chapter 7 bk will have been discharged for 3 years.

Thanks!


You will need to provide proof that you are on a payment plan 

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Valued Member
Posts: 32
Registered: ‎05-14-2012
0

Re: FHA and Collections

We have copies of bank statements and we could probably get a letter from the CA. Do you think that will be good enough for proof?
Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
0

Re: FHA and Collections

Yeah but you never know with banks the LO might want you to get one thing but underwriting may need another but its sounds like your on a good start 

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Regular Contributor
Posts: 245
Registered: ‎07-06-2007
0

Re: FHA and Collections

I think you should be fine since you've been paying on it so long. I'm sure you can get the payment agreement from the CA and if the rest of your file is strong you should be ok. Just remember that those payments could factor into your DTI too?

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