Posted on: 25th May, 2012 01:26 am
I have a collection reported on my credit reports that has a zero balance and is marked as PIF. Will I be able to get a FHA mortgage as per their new rules?
Hi Wanda,
If the account has been paid off in full, then I don't think you will face any problems in getting a FHA loan as per their new criteria.
Take care
If the account has been paid off in full, then I don't think you will face any problems in getting a FHA loan as per their new criteria.
Take care
Welcome Wanda,
I agree with Sara. As you've paid off the mortgage in full, it will be considered as positive by the FHA lender. Thus, if you meet all the other required criteria, the lender will be ready to give you a loan.
I agree with Sara. As you've paid off the mortgage in full, it will be considered as positive by the FHA lender. Thus, if you meet all the other required criteria, the lender will be ready to give you a loan.
>>Will I be able to get a FHA mortgage as per their new rules?
Yes. Did you receive a "release" letter from the creditor also? If yes, provide it to your Loan Officer when she takes your application.
Yes. Did you receive a "release" letter from the creditor also? If yes, provide it to your Loan Officer when she takes your application.
That will not prevent you from getting an FHA loan if everything else is ok.
Apply with confidence!!
Apply with confidence!!
