Do bad debt or collections have to be paid off to get a VA loan approval in Kentucky

kentucky va loan, kentucky va mortgage, Louisville VA, louisville va mortgage, va lenders ky, va loan collections, VA Loans, va mortgage, va mortgage and car repo, va mortgage and charge off accounts, va mortgage bad credit, VA Mortgage by Louisville Kentucky Mortgage., va rates fort knox, va rates ky

Kentucky First Time Home Buyer Loan Programs for FHA, VA, KHC, USDA, Mortgage Loans in Kentucky for 2019

Collections on Credit Report and How They affect a Kentucky VA Mortgage Loan Approval
 
Collection accounts are accounts for a debt that have been submitted to a collection agency by the creditor generally due to nonpayment. Below are general tips and guidance on what DU will require when collection accounts are reporting on a borrower’s credit report.
 
Accounts that are reported as past due but not yet turned over to a collection agency must be brought current. These past due accounts are not considered collection accounts.
 
Kentucky VA Mortgage Loan Guidelines Below for Credit and Collections:
 
 
Any collection account required by DU to be paid must be paid prior to or at closing.
Isolated collection account do not necessarily have to be paid off for loan approval.
Borrowers with a history of collection accounts should have re-established satisfactory credit in order to be considered a satisfactory credit…

View original post 1,376 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s