Wednesday, May 15, 2019

Kentucky VA Home Loan Approval Requirements with Collections on Credit Report

Can you get Approved for a Kentucky VA Home Loan with Collections?
Kentucky VA Home Lenders with Bad Credit and Low Credit Scores





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 Mortgage Requirements for Collections and VA Home Loan Approval 
  • 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 the loan approval.
  • Borrowers with a history of collection accounts should have reestablished satisfactory credit in order to be considered a satisfactory credit risk.
  • Lenders/underwriters should review the complete credit history and use sound judgment to determine if collection account pose a credit risk to the borrower’s ability to repay the loan.
  • If the collection account is listed on the credit report with a minimum payment, then the debt should be recognized at the minimum payment amount









 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 

Text/call 502-905-3708
kentuckyloan@gmail.com
http://www.nmlsconsumeraccess.org/
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/
-- Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

1 comment:

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