Charge Off Accounts

Charge off accounts



Buy a house or Refinance

FHA after bankruptcy   FHA after foreclosure   FHA after short sale


Charged off accountsA charged off account is a debt that has become seriously delinquent and the lender has given up on being paid. FHA does not require charge off accounts to be paid. If you have a charge off on your credit report you do not have to do anything to qualify for an FHA loan approval.

The FHA Resource Center


Collection accounts A collection is minor in nature usually does not need to be paid off as a condition for loan approval. Medical collections do not need to be paid off.

  • If evidence of a payment arrangement is not available, the lender must calculate the monthly payment using 5% of the outstanding balance of each collection, and include the monthly payment in the borrower’s debt-to-income ratio.

New FHA loan requirements borrowers may also be eligible for an FHA insured loan on a purchase transaction after 12 months from the completion, discharge, trustee's sale if the borrower meets the requirements for extenuating circumstances Economic Event.

New borrowers may also be eligible for an FHA insured loan on a purchase transaction after 12 months from the completion, discharge, trustee's sale if the borrower meets the requirements for extenuating circumstances Economic Event.


Credit scoreFHA has changed the minimum credit score for new borrowers:

  • FHA requirements new borrowers will now be required to have a minimum credit score of 580 to qualify for 3.5% down payment
  • FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%
  • This has allowed the FHA to better balance its risk and continue to provide financing for home buyers

Borrowers with a prior bankruptcy, foreclosure, deed-in-lieu, or short sale may be eligible for an FHA insured loan if the bankruptcy, foreclosure, deed-in-lieu, short sale was the result of a documented extenuating circumstance.

Whether you're planing to buy your first home, refinance, to lower your monthly payments or refinance to take cash out.


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