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FHA eases new rule on collections accounts

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FHA Eases Rules on Collections Accounts By Sari R. Updated on 9/25/2013. The FHA (Federal Housing Administration) is now permitting borrowers to supply a written letter explaining their disputed collections accounts.This would be so that they can qualify for a government-backed mortgage. In other words, FHA will ease up borrowing guidelines for people who have disputed collection accounts.

For example, FHA may allow a mortgage loan applicant with unpaid collection accounts to qualify for an FHA Loan without having to pay it off under FHA Guidelines On Charge Offs And Collections However, a particular lender may require all collection accounts to be paid off even though FHA does not require it

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Mortgagee Letter 2013-25, Continued fha total mortgage scorecard user guide, Chapter 1, Liabilities Section VI is amended to include collection account payments and judgment payments, if applicable, as liabilities the lender is responsible for including in the A utomated Underwriting System for TOTAL’s risk evaluation.

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FHA eases rules for some credit-impaired applicants. Handling of Collections and Disputed Accounts This guidance is effective for all case numbers assigned on or after October 15, 2013. Documentation Requirements: Collection Accounts and Judgments Applicable to Manually Underwritten Loans: The lender must document reasons for approving a mortgage when the borrower has collection accounts or.

FHA collection guidelines are very flexible towards helping buyers qualify for a new home. This includes ways to keep collections open rather than pay them off!. Lenders have another option of verifying an existing payment plan for collection accounts. Rather than requiring the collection be.

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