4155.1 4.C.2.e
Paying off Collections and Judgments:
FHA does not require that collection accounts be paid off as a condition of mortgage
approval. However, court-ordered judgments must be paid off before the mortgage
loan is eligible for FHA insurance endorsement.
Exception: An exception on a
court-ordered judgment may be made if the borrower:
• has an agreement with the creditor to make regular and timely payments, and
• has provided documentation indicating that payments have been made according
to the agreement.
Happy Selling!
Justin
Perry
Sr. Underwriter
Gateway Mortgage Group
1255 W. 15th Street| Ste. 540|
972-908-3390 ext. 125| 918-392-8349 eFax
2/05/2010
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