Forgotten Your Password?

Need to Register?

Question Icon

Can I get approved for a loan with medical bills in collection?

My husband had some medical-related problems and we are currently involved in a lawsuit to recover the money. They are showing at 60 days late. Is this something that can be explained in a letter? We are trying to purchase property in the next 3-6 months. by granger.k44609 from Mission, Texas. Nov 11th 2015 Reply


Michael Stephan (michael.stephan@onqfinancial.com)
#246 ranked lender in Texas - 1 contribution

Typically medical collections do not need to be paid in order to get a mortgage. This bigger question would be what affect these collections have on your credit score. Have you had a mortgage professional check your credit?

Nov 11th 2015
1
0
William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

More info needed, but in general, most lending programs will ignore medical collections.. FHA for sure, but some conventional lenders might look at them differently if they are disputed.. the fact that your involved in a law suit to try to collect for those medical bills does not mean your not obligated to pay them,so it's still going to be a ding on your credit making the bigger problem your qualifying credit scores.. if you are delinquent on any debt, then that will lower your credit scores.. so even if you go FHA and the medical stuff is ignored, you will still need to meet the minimum credit score requirements for qualifying purposes.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Nov 12th 2015
1
0
Sean Stephens (metroplexmortgageservices@yahoo.com)
#276 ranked lender in Florida - 6 contributions

Can you please contact me on 240-360-1881 so we can discuss about the property you are purchasing? Text messaging are welcomed. Or email me at goldstenlending@gmail.com

Nov 11th 2015
0
0
Subscribe to our news feed.