FHA Mortgage Approvals With Medical Collections!
We exclude all medical collections and charge off accounts and DO NOT require resolution.
FHA Mortgage approvals with medical collections and judgments may indicate an FHA mortgage applicants’ disregard for credit obligations and FHA mortgage lenders must consider the creditworthiness of FHA mortgage applicants within the credit approval analysis. The FHA mortgage approval considerations within applies to loans with collection accounts and all judgments. Medical collections and charge off accounts are excluded from this guidance.
All medical collections and charge off accounts are excluded from this guidance and do not require resolution. The capacity analysis includes any of the following actions:
At the time of or prior to closing, payment in full of the collection account verification of the acceptable source of funds required.
The FHA mortgage applicants make payment arrangements with the creditor. If the FHA mortgage applicants has entered into a payment arrangement with the creditor, a credit report or letter from the creditor verifying the monthly payment is required. The monthly payment must be included in the FHA mortgage applicants’ debt-to-income ratio.
If evidence of a payment arrangement is not available, the lender must calculate the monthly payment using 5% of the outstanding balance of each collection, and include the monthly payment in the FHA mortgage applicants’ debt-to-income ratio.
Excluded Accounts Disputed medical accounts are excluded from the $2,000 limit and
do not require documentation. Disputed derogatory credit accounts resulting from identity theft, credit card theft, or unauthorized use are also excluded from the $2,000 limit. However, the lender must provide in the case binder a credit report, letter from the creditor or other appropriate documentation to support the dispute, such as a police report disputing the fraudulent charges.
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