kellyms25 Posted February 1, 2008 Report Posted February 1, 2008 I was just pre-approved for fha loan through bank of america. I have one collection due to fall off in april. the loan officer has not said anything. should is be worried? Will this be a problem when it goes to the underwriter?
Ahntara Posted February 1, 2008 Report Posted February 1, 2008 Wait to find out. If the underwriter insists the CA be paid prior to closing, or preferably AT closing, you can address it then. If no one ever mentions it, you're home free (well, not free, but home anyway...).
kellyms25 Posted February 4, 2008 Author Report Posted February 4, 2008 Thanks. I am keeping my fingers crossed.
ImaBird Posted February 4, 2008 Report Posted February 4, 2008 One thing about FHA loans:They are really only concerned about your credit history for the past 12 months.I just spoke to a broker about an FHA 203K loan, and that is precisely what he told me.
Magdalen77 Posted February 8, 2008 Report Posted February 8, 2008 One thing about FHA loans:They are really only concerned about your credit history for the past 12 months.I just spoke to a broker about an FHA 203K loan, and that is precisely what he told me.And I was told that they aren't really excited about small amounts (say around $500 or under). I had three collections of $178, $256 and $556, respectively, and the FHA mortgage guy told me not to worry about them.
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