Does Older Outstanding Collections Count Towards Debt To Income Ratio Calculations

* In this paragraph, we will compare FHA Versus Fannie Mae Collection Guidelines.

– Here are HUD Guidelines on collections and charge off accounts on FHA Loans:

Outstanding collections and charge off accounts do not have to be paid to qualify for FHA Loans
However, with non-medical outstanding collections with a balance of over $2,000, HUD requires mortgage underwriters take 5% of the outstanding collection balance and use it as a hypothetical monthly debt

This holds true event though borrowers do not have to pay

This only holds true on non-medical collections

Medical collections and charge off accounts are exempt from the 5% rule

– Fannie Mae Guidelines On collections and charge off accounts on Conventional Loans:

Outstanding collection and charge off accounts do not have to be paid on primary one unit conventional loans

With non-medical outstanding collections with a balance of over $2,000, Fannie Mae does require mortgage underwriters take 5% of the outstanding collection balance and use it as a hypothetical monthly debt

There is no difference between the HUD Guidelines where HUD requires underwriters to take 5% of the outstanding collection balance and use it as a hypothetical debt and Fannie Mae’s
Medical collections and charge off accounts are exempt from the 5% rule as well

For more information about the information on this blog or other mortgage-related topics, please contact us at Gustan Cho Associates at 262-716-8151 or text us for faster response. Or email us at gcho@loancabin.com.

* bank statement mortgages

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#Fannie #Mae #Collection #Guidelines #Conventional #Loans #bank #statement #mortgages
==================

Does Older Outstanding Collections Count Towards Debt To Income Ratio Calculations

* In this paragraph, we will compare FHA Versus Fannie Mae Collection Guidelines.

– Here are HUD Guidelines on collections and charge off accounts on FHA Loans:

Outstanding collections and charge off accounts do not have to be paid to qualify for FHA Loans
However, with non-medical outstanding collections with a balance of over $2,000, HUD requires mortgage underwriters take 5% of the outstanding collection balance and use it as a hypothetical monthly debt

This holds true event though borrowers do not have to pay

This only holds true on non-medical collections

Medical collections and charge off accounts are exempt from the 5% rule

– Fannie Mae Guidelines On collections and charge off accounts on Conventional Loans:

Outstanding collection and charge off accounts do not have to be paid on primary one unit conventional loans

With non-medical outstanding collections with a balance of over $2,000, Fannie Mae does require mortgage underwriters take 5% of the outstanding collection balance and use it as a hypothetical monthly debt

There is no difference between the HUD Guidelines where HUD requires underwriters to take 5% of the outstanding collection balance and use it as a hypothetical debt and Fannie Mae’s
Medical collections and charge off accounts are exempt from the 5% rule as well

For more information about the information on this blog or other mortgage-related topics, please contact us at Gustan Cho Associates at 262-716-8151 or text us for faster response. Or email us at gcho@loancabin.com.

* bank statement mortgages

Read more

#Fannie #Mae #Collection #Guidelines #Conventional #Loans #bank #statement #mortgages
==================

Does Older Outstanding Collections Count Towards Debt To Income Ratio Calculations

* In this paragraph, we will compare FHA Versus Fannie Mae Collection Guidelines.

– Here are HUD Guidelines on collections and charge off accounts on FHA Loans:

Outstanding collections and charge off accounts do not have to be paid to qualify for FHA Loans
However, with non-medical outstanding collections with a balance of over $2,000, HUD requires mortgage underwriters take 5% of the outstanding collection balance and use it as a hypothetical monthly debt

This holds true event though borrowers do not have to pay

This only holds true on non-medical collections

Medical collections and charge off accounts are exempt from the 5% rule

– Fannie Mae Guidelines On collections and charge off accounts on Conventional Loans:

Outstanding collection and charge off accounts do not have to be paid on primary one unit conventional loans

With non-medical outstanding collections with a balance of over $2,000, Fannie Mae does require mortgage underwriters take 5% of the outstanding collection balance and use it as a hypothetical monthly debt

There is no difference between the HUD Guidelines where HUD requires underwriters to take 5% of the outstanding collection balance and use it as a hypothetical debt and Fannie Mae’s
Medical collections and charge off accounts are exempt from the 5% rule as well

For more information about the information on this blog or other mortgage-related topics, please contact us at Gustan Cho Associates at 262-716-8151 or text us for faster response. Or email us at gcho@loancabin.com.

* bank statement mortgages

Read more

#Fannie #Mae #Collection #Guidelines #Conventional #Loans #bank #statement #mortgages

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