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Usda Loan and Collection accounts.

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Wishingaway
New Member

Usda Loan and Collection accounts.

I am wanting to apply for a USDA Loan the beginning of next year. I have 4 collection accounts that I am going to pay. I have tried to pay to delete but the collection agency will not budge and tells me they will only update my status as paid in full. Is this going to hurt my chances of getting the loan? It's better for them to paid off right? 

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1 REPLY 1
Anonymous
Not applicable

Re: Usda Loan and Collection accounts.

Personally, I would pay it (most under writers want it paid). Then in 12 months, challege it on the CRA. I have done this and it was removed. Seems after a year they dont care to update it. Just my personal experience on the topic.

 

My experience is also, most CA will accept 50% of original balance. Any lower is rare. If its a medical bill, call the hospital directly. I had better luck with 50% paid in full and removal when CA said no.

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