Wanting to buy a home in Rector Arkansas. I do have $2000 worth med bills in collections. Will it ruin my chances of buying a home?

Asked by Amanda, Rector, AR Wed Jul 6, 2011

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Mortgage Girl, , Henderson, NV
Tue Jul 24, 2012
I am a lender and underwriter it is not lender policty it is FHA, Fannie and Freddie. If you are going FHA yes they will have to be settled but, you can usually pay off 50% of the balance. Conventional you most likely will not have to. It helps if you have compensating factors, such as high mid score, assets, job time, bigger down payment.

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Jasa Haney-…, Agent, PIGGOTT, AR
Tue Jul 24, 2012
Talk to a lender first, some bills that are over 2 years old can be over looked, but if you pay something on them it will make them active again. All local banks have great loan officers who can advise you, which you need to pay and which ones thay can over look.
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Julann Carney, Agent, North Little Rock, AR
Wed Jul 6, 2011
Normally a mortgage company will want to see those paid before you can close on a loan. Some of my clients have been able to settle their medical bills for a smaller amount & received a release document that satisfied the bank.
Every lender is different. It may not be too terribly difficult to remedy.
Best of luck!
Julann Carney, Realtor
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