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Frequent Contributor
chartley3
Posts: 488
Registered: ‎05-23-2007
0

Medical Collection and FHA

I have a question for our mortgage pros out here.
 
I have a medical collection on my Credit Report for $1342 for my DW surgery back in 2003. The lady Im working with at the bank is unsure if I need to pay this collection off prior to preapproval since FHA guidelines change daily. My question is does FHA still look past medical collections or have they enforced a monitary threshold?? I can pay off the collection with Simulus Money but I didnt want to have to use it for that purpose if I didnt have too.
 
Thanks,
Super Contributor
DallasLoanGuy
Posts: 6,181
Registered: ‎07-03-2007
0

Re: Medical Collection and FHA

I have never seen FHA require a collection be paid. Only liens and judgements.
Some lenders require it..... but FHA does NOT!



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* Lending across the entire 'Great State of Texas' since 2004
Frequent Contributor
chartley3
Posts: 488
Registered: ‎05-23-2007
0

Re: Medical Collection and FHA

Thanks for clearing that up. I just wrote the explaination letter today explaining why its on there and the circumstances surrounding it. Hopefully that will put the issue to bed.

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