Financing in 66853>Question Details

Shar, Home Buyer in 66853

What impact does medical collections have on being able to obtain a loan that have either been removed from?

Asked by Shar, 66853 Tue Jun 30, 2009

the collection agency or paid?

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Hello Shar,

To clarify, are the collections paid already? If so, they will have no current effect on whether or not you are approved for a loan. Having them on your credit report as being paid will not harm you. You may have previously incurred damage to your credit scores, but generally your scores will be corrected 30-60 days after the collections are paid or removed. Good luck.

Kind regards,

Jason Diperstein
E Mortgage Management
800.793.9633 ext. 156
0 votes Thank Flag Link Wed Jul 1, 2009
Back during boomtime, it was still pretty easy to obtain an FHA loan with medical collections. Because medical collections are very common (darn hospitals sooooo expensive) FHA takes them into consideration as long as they are explained by you. You will have to supply a letter of explanation to your lender.

Please just speak with a mortgage lender. They're going to find out about these collections anyway. Just say "I want to buy a home, my credit may not be so great right now, I've got these medical collections,, what do you think? What do I need to do to buy a home?"
Let me know how it goes.
0 votes Thank Flag Link Tue Jun 30, 2009
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