Repossession on a credit report for FHA Loan


How to handle a Repossession on a credit report for FHA Loan Approval?

Kentucky FHA Loan Requirements


Does FHA require collections to be paid off for a borrower to be eligible for FHA financing?


A Collection Account refers to a Borrower’s loan or debt that has been submitted to a collection agency by a creditor. If the credit reports used in the analysis show cumulative outstanding collection account balances of $2,000 or greater, the lender must: •     verify that the debt is paid in full at the time of … Continue reading Does FHA require collections to be paid off for a borrower to be eligible for FHA financing?

Kentucky FHA Loan Requirements


https://kentuckyfhaloan.wordpress.com/2023/10/29/kentucky-fha-mortgage-loan-lender-guidelines-2/?page_id=24371 Kentucky FHA Loan Requirements The requirements for Kentucky FHA loans are set by HUD. Borrowers must have a steady employment history of the last two years within the same industry or line of work. Recent college graduates can use their transcripts to supplant the 2-year work history rule as long as it makes sense. … Continue reading Kentucky FHA Loan Requirements

Equifax, Experian and TransUnion will also no longer include medical collection debt under at least $500 on credit reports


The three nationwide credit reporting agencies, Equifax, Experian and TransUnion, announced that effective July 1, 2022, they will no longer include medical debt that was paid after it was sent to collections on consumer credit reports. The companies’ CEOs provided a joint statement on the decision to change their approach to medical collection debt reporting: … Continue reading Equifax, Experian and TransUnion will also no longer include medical collection debt under at least $500 on credit reports