Medical Collections aren’t good for your credit scores, but they won’t necessarily keep you from getting a mortgage either!
I have customers call me every day – worried that their Medical Collections will keep them from getting a loan.
From a mortgage underwriting perspective – if you have Medical Collections that are over 12 months old – they will be ignored for the most part by the government insured loan programs. …such as VA and FHA.
Fannie Mae and Freddie Mac underwriters will pretty much stick with what the automated findings come back with… …and, I can tell you that the automated system will generally ignore these older collections.
So, if you have Medical Collections, and your worried they might keep you from getting a mortgage – let’s take a look at it!
…you might be surprised that they won’t prevent you from buying a house!
That’s it for today!
Brett
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