Can you qualify for a mortgage with unpaid collections?

Mortgage with Collections

Qualify for a mortgage with unpaid collections

Many people who have unpaid collections accounts wonder whether they qualify for a mortgage home loan.  That depends on the lender.  Many lenders require you that you pay all the unpaid collections accounts before they will grant you a home mortgage approval.  Others might want to see a payment agreement and want to see a 3 month to 6 month timely payment history.  Other lenders will approve you for a mortgage with unpaid collections.  I suggest that you consult with a mortgage broker that specializes in helping mortgage loan borrowers with prior bad credit like myself.  I specialize in helping mortgage loan applicants who have bad credit, had a prior bankruptcy, had a previous foreclosure, have unpaid collection accounts, have an active tax lien, and have unsatisfied judgments.

Home buyers can qualify for a mortgage with unpaid collections

I can help borrowers who have unpaid collections accounts get mortgage loan approvals.  As long as they qualify with credit scores, have enough down payment, have two year work history, and had no late payments in the past six months, the chances are good that I can help you get approved for a FHA insured mortgage loan.  Do not pay an old collection account because that will reactivate the account and lower your credit score.  Contact me immediately at so we can devise a game plan in getting you a mortgage approval.  Most mortgage brokers cannot help a mortgage loan client who has a credit score lower than a 620.  I can get you qualified for a mortgage loan with a credit score as low as 580 FICO with 3.5% down payment.  For those who have credit scores between 530 FICO and 580 FICO, I can get you qualified for a mortgage loan but you would have to put 10% down payment.

FHA Loans for Home Buyers who need to qualify for a mortgage with unpaid collections

I work with people with bad credit all the time.  I can get mortgage loan borrowers who have open collections, unsatisfied judgments, tax liens, prior bankruptcies, previous foreclosures, short sales, and those with very high to debt ratios.  Sometimes what I do with challenging mortgage loan borrowers with previous bad credit is I repair their credit and improve their scores first before I work on their mortgage application.  As long as the borrower is seriously committed to getting a mortgage loan approved with me, I will go to bat for them and I can almost guarantee that we will get a mortgage approval.  For those folks in Illinois or Florida who are ready to commit in repairing and improving their credit, contact me at so we can start our mortgage application and credit rebuilding process today.

Gustan Cho NMLS ID 873293

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Related> FHA guidelines on unpaid collection accounts

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