Regular Contributor
Posts: 191
Registered: ‎07-05-2012
Do old chargeoffs/collections and lates matter for FHA?

Long story short....Credit from 2008/2009 is pretty bad. 3 Chargeoffs, and some student loan defaults. All taken care of now. Lots of 30/60/90/120 from back then. Will that be overlooked as long as there is 1 year of clean history and scores over 620?


Also, I am looking for clarification. Say something went into collections in 2009, and I paid it today. Does that start the 1 year of clean history? So If I pay an old collection today, do I have to wait another year to be clean for one year?