- If the sum of the borrower's Collection Accounts total less than $2000, then payments for these accounts do not have to be analyzed.
- If the sum of the borrower's Collection Accounts total $2000 or more, then payments for all accounts must be analyzed and included in the DTI.
- Collection Accounts can be paid off in full to avoid including the payment in the DTI.
- If no evidence of monthly payment can be found for a Collection Account, 5% of the outstanding balance will be considered as payment for calculating the DTI
- Collection Accounts of a Non-Purchasing Spouse in a community property state are included in the sum total unless state law otherwise excludes it.
- All medical collections are excluded from the sum total.
- Zero Down 100% Financing Mortgage Loans in KY
- KY FHA, VA, USDA, Fannie Mae Guidelines
- Guide to Closing Costs
- Rural Development Loans USDA
- Tips to ensure your mortgage closes smoothly
- What Credit Score do You Need to qualify for a FHA VA KHC Kentucky Mortgage
- Mortgage Rate Lock
- Mortgage Calculators
- Fannie Mae HomePath Ky Kentucky Fannie Mae HomePath lender
- Helpful Links
- Documents Needed for Loan Approval
- Down Payment Assistance for Ky First Time Home Buyers
Sunday, June 29, 2014
20014 Kentucky FHA Loans and Collections. How are they treated for a loan approval?
Kentucky FHA Loans and Collections. How are they treated?
**Note**: All Collection Accounts on the credit report will be considered unless exempted above. FHA will continue to consider them in the $2000 calculation, even if paid off, until new credit is uploaded with the Account updated/removed.
Senior Loan Officer
phone: (502) 905-3708
Fax: (502) 327-9119
Company ID #1364 | MB73346