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www.lasvegasmtg.com Report: FHA proposed changes for collections and disputes on credit reports.
www.lasvegasmtg.com Report: FHA proposed changes for collections and disputes on credit reports.
by John Le Francois
www.lasvegasmtg.com Report: FHA proposed changes for collections and disputes on credit reports were to take affect on April 1,2012 but has now been delayed till July 1, 2012. The proposed changes are addressing disputes, collections and judgments that show on a credit report. FHA released mortgagee letter 2012-3 refers to the following: 
Requires borrowers with collections with a combined total greater then $1,000 must be paid off including medical collections if the accounts are less then 2 years old activity date. Disputed accounts must be removed except for identity theft and or unauthorized use of account. Borrower must repay the debt off or enter in to a repayment plan and consistently made three consecutive payments. Judgments must be paid off but a repayment plan and three consecutive payments can acceptable.
Why the changes on disputed, collections and judgments to obtain a FHA loan?
”We found that many borrowers with mortgage payment delinquencies had prior credit deficiencies, including unpaid collections and unresolved disputed debts prior to the approval of their loan,” an FHA spokesperson said. “This change was made to eliminate this layer of risk ... more

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