FHA qualification

[Anonymous]

Does one need to pay all the collections to get approved for FHA loan?

I have about 4 which are close to falling off my report. 

thanks

[youdontkillmoney]

Collections are problematic; if you say they are close to falling off, wait for them to fall off before apping

[cartwrna]

I was required to pay the two that I had, but I went conventional.

[Anonymous]

Was yours past SOL and what was total amt?

[Anonymous]

Depends on AUS findings. If the total of outstanding collections is over $2000, 5% of the total balance may be counted against your DTI. If you are 620-640+, collections are rarely required to be paid for an FHA loan unless it is a lender overlay.