FHA Loans - Maximum Medical Collection
Assuming no lender overlays will FHA allow an open $13k medical collection. Transaction type is a FHA streamline refi with a full credit underwrite (i.e. one of the borrowers is coming off the loan).
by MarylandDave January 21, 2013 10:07 AM
I would like to take a look at the whole pkg. We specialize in the "story" FHA loan and I think I can help you.
Feel free to email, text or call
by Think_FHA January 21, 2013 10:48 AM
As long as it's not a judgement FHA does not require it to be paid off. We would need a good letter of explanation.
by Think_FHA January 21, 2013 11:15 AM
FHA started to change their guidelines on that last year to make lending with collections over $5000 no longer permissible even medical collections. Even though FHA cancelled this mandate, it may have been put in place I am not sure actually. I think all of the lenders decided to implement the guideline in fear that they may end up with loans on their books that are no longer salable. Try Gibb at loanpacific.com (this is his email address) he is my wholesale rep for hard to do FHA deals.
by LittleRichard January 21, 2013 12:15 PM
FHA LOANS SUPER JUMBO
by motion24 February 2, 2013 11:59 AM