+2 votes
asked in FHA Loans by
We are going through the mortgage process, we are waiting for the appraisal at the moment.  However we just received notification that an unpaid medical bill for $149 just hit the coborrowers credit report. Could this derail our loan process and cause our loan to be declined?

2 Answers

+1 vote
answered by
We normally disregard medical collections.  Depending on the lender and their lender overlays,  it is up to the lender. Collections and/or charged off accounts does not have to be paid per Agency mortgage GUIDELINES.  However, its up to the lender and underwriters discretion.  Did the collection drop your credit scores?
0 votes
answered by

My name is Cora, I was so ready to purchase a home but my credit was in a terrible condition and wouldn’t let me qualify for the purchase. My credit score was less than 500, and I had charge offs and a lot student loans. I’m a veteran, so I wanted to use my VA COE; however I was in dire need of credit repair. I went on creditmagic.org forums in search of a credit specialist. There was this particular specialist that was widely spoken of and I read quite some good numbers of nice reviews about him so I contacted him (prohack.net@aol.com , +1 (252) 307-3167). After discussing, we got started with the process and within some couple of days, he buzzed and asked me to pull my report and that the job was done and looks good now. I pulled my report ASAP and found my score has been raised to 797 and the student loans, charge-offs, all deleted. I bought the house without stress. Contact him via the above informations for your credit issues.