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FHA Collection Guidelines |
- For any loan with a DU approval, regardless of program, we will go off of DU findings for all collections/chargeoffs/ P&L
- For refer files, any collections/chargeoffs/ P&L within the last 36 months that are over $5,000 (except medical) will need to be paid and/or what DU finding state and to be paid
- All tax liens and judgments must be satisfied with the exception of Federal IRS Income Tax Liens at closing or prior to clear to close (on purchases or cashout refi). All funds much be secured for an acceptable source per FHA guidelines
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