Do collections to be paid off for to qualify for a Georiga Mortgage?
disputed charge-off accounts,
disputed collection accounts, and
disputed accounts with late payments in the last 24 months.
If the credit reports used in the analysis show cumulative outstanding bad credit Georgia collection account balances of $2,000 or greater, the FHA Mortgage Lenders must:
• verify that the debt is paid in full at the time of or prior to settlement using an acceptable source of funds;
• verify that the Borrower has made payment arrangements with the creditor and include the monthly payment in the Borrower’s Debt-to-Income ratio (DTI); or
• if a payment arrangement is not available, calculate the monthly payment using 5 percent of the outstanding balance of each bad credit Georgia collection and include the monthly payment in the Borrower’s DTI. bad credit Georgia collection accounts of a non-borrowing spouse in a community property state must be included in the $2,000 cumulative balance and analyzed as part of the Borrower’s ability to pay all bad credit Georgia collection accounts unless excluded by state law.
• evidence of payment in full, if paid prior to settlement;
• the payoff statement, if paid at settlement; or
• the payment arrangement with the creditor, if not paid prior to or at settlement. For manually underwritten loans, the FHA Mortgage Lenders must determine if bad credit Georgia collectoin accounts were a result of:
• the Borrower’s disregard for financial obligations;
• the Borrower’s inability to manage debt; or
• extenuating circumstances. The FHA Mortgage Lenders must document reasons for approving a mortgage when the Borrower has any bad credit Georgia collectoin accounts. The Borrower must provide a letter of explanation, which is supported by documentation, for each outstanding bad credit Georgia collectoin account. The explanation and supporting documentation must be consistent with other credit information in the file.
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