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Possible to get Mortgage with PAID collections?

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Anonymous
Not applicable

Possible to get Mortgage with PAID collections?

Have done a bang-up job of getting most CO accounts deleted but it's possible my spouse and I may have 1 or 2 accounts that show as PAID and closed for a few more years.

Is is possible to get a mortgage with our mid-mortgage score of 705 and those 1-2 Paid, closed collections? Or will underwriters have a problem with these?
3 REPLIES 3
Anonymous
Not applicable

Re: Possible to get Mortgage with PAID collections?

Those paid, closed collections won't be a problem and the score is sufficient.

Message 2 of 4
CatOfSpades
Frequent Contributor

Re: Possible to get Mortgage with PAID collections?

Exactly. You can most definitely get approved for a mortgage. Your loan officer may ask about them, but they'll give you a chance to explain what was going on at the time if they do. The important thing, the fact that the collections are paid and closed shows them that you're on the right path. After a couple of years, paid charge offs don't count against you as much. 

 

You guys have done great work!

♠Queen of Spades♠
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Message 3 of 4
Anonymous
Not applicable

Re: Possible to get Mortgage with PAID collections?

No problem at all. 

Message 4 of 4
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