tserrano Posted October 10, 2004 Report Share Posted October 10, 2004 How old do collections have to be before you have to pay them off to get a mortgage?What are the cut offs? (if there are any?)Also, what other guidelines are there with collections?Thanks in advance Link to comment Share on other sites More sharing options...
firstsource Posted October 10, 2004 Report Share Posted October 10, 2004 It depends on the type of loan, and then the investor.FHA/VA will not allow open collectionsConventional won't allow collections (but due to the collection accounts, your scores will be such that they will not take you anyway)Sub-prime & Alt'ASome will allow a certain amount to be left openAll will allow medical to be openSome will allow all to be open that are older than 2 years. Depends on the lender, as of course the more flexible they are, the more you will pay in interest rates.Charles Link to comment Share on other sites More sharing options...
WillyB Posted November 19, 2004 Report Share Posted November 19, 2004 Also depends on your down payments, reasons for the collections and charge offs, credit over the last four years, etc. Four year old collections and charge offs can sometimes be forced off your credit reports. There is a lot of good info in the other forums here! Link to comment Share on other sites More sharing options...
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