FHA guidelines

[MOMO30]

Hello, I am in the process of repairing my credit and I have read on the boards that FHA may have a new rule come July as far as collections My question is if u have a charge off from 2006 dofd 3/2006 reporting a zero balance How would that be looked at?

[co791]

If Im not mistaken, charge offs with a balance of 1000 dollars or more are being scrutinized only.

[DallasLoanGuy]

collections: if they are $1000 or all add up to $1000, they have to be paid.

$0 balance?  <= not affected by the new rule.

Certainly ANY credit item good or bad will affect the loan. But this isn't an issue for you

[vol4life]

The collections over 1000 doesn't go into affect until July correct?

[MOMO30]

Yes hopefully it gets extended just a little longer maybe Dallas knows something

[DallasLoanGuy]

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@vol4life wrote:
The collections over 1000 doesn't go into affect until July correct?

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Technically.... the rule went into effect and then was pulled because they got a lot of blowback from the industry.

They postponed putting the rule in effect until July 1st(i think july 1st) and took comments from the public.

Cliff notes answer: The rule may very well be different when it is rolled out in July..... It wasn't just delayed... it is being reconsidered.