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Yes, pay off the debt immediately. Make sure you have some proof that it is paid off.
I have mixed feelings on this next part.
Part of me says don't call the LO and say anything. Let things go as they will and maybe it won't be discovered. Ya know, don't rock the boat??
On the other hand, be prepared if they do pull credit. Have a letter of explanation all ready, along with proof it's been paid in full.
When we bought two months ago, I had everything ready to do and closed in ten days. The lender said they were going to pull credit a second time the day before closing "just in case." It was a conventional loan. I don't think they pulled credit the second time.
I will call first thing Monday morning and pay it. I am torn on the telling my LO as well. I don't WAnt them to think I'm hiding it, but then again I dont wanna screw myself. Ugghhh.. so ready for this nightmarish process to be over!! I don't understand why it has to be so frustrating and stressful... but thanks for the comments.. it did make me feel a little better.. I think I have Google the phrase "new collection 3 days before closing" at least 30 times in every way possible..
medical collections do not have to be paid of to be approved for an FHA loan.
i would not pay it off nor would i tell your loan officer
if they mention it and require u to pay it off then do as threy say
@sports1965 wrote:medical collections do not have to be paid of to be approved for an FHA loan.
i would not pay it off nor would i tell your loan officer
if they mention it and require u to pay it off then do as threy say
^^^This. Your collections total less than $2k right? Then let it be for now.
dont panic. i have seen this many times and it didnt hurt the file.
some lenders will do a soft pull when the loan is sent to closing dept. some actually pull AFTER signing and before funding.
BUT.... we have a tolerance for such things. we KNOW collections pop up.
now, if a new car payment showed up, yer screwed.
i would not fret. the lender wants to close the deal too
Can't speak for all lenders but we've only pulled credit after the initial for a few reasons-- customer's request, credit report too old (90 days usually, sometimes 120), adding/removing a spouse, etc. If you already have your credit pulled, cross your fingers and don't mention it. The cardinal sin I see is that borrowers give too much info out... don't share it if we don't ask for it!! Let the lender do their due diligence and never lie, but don't volunteer info that isn't being requested.
If they find out, you can usually pay it at the closing table (must be with your own funds though, not from loan proceeds). Good luck.
Thank you all for the encouraging words.. file went to final underwriting today so hoping for a clear to close very soon.. or more conditions.. but hopefully no more.. I feel like the only thing I haven't submitted blood and urine samples..