FHA Now Requires for all Collections Paid

FHA Update – March, 2012

FHA ALERT!

FHA WILL NOW REQUIRE RESOLUTION
OR PAY OFF OF ALL OUTSTANDING
COLLECTIONS TOTALING more than $1,000

MORE THAN $1,000 in Collections MUST be paid off

Coldwell Banker sells homes.
If you are planning to purchase a home using an FHA home loan, you will want to begin making payment arrangements for any outstanding collections totaling more than $1,000.

Disputed credit accounts or collections resulting from identity theft, credit card theft, or unauthorized use, etc., will be excluded from the $1000 limit under the terms.

For more information about an FHA home loan or the new guidelines, you may contact my Princeton Capital Senior Loan Officer, Kristy Ruhkala NMLS# 256835 (916) 532-8080.

Looking forward to helping you purchase your next home!

Pam McCoy
916.865.8759

Princeton Capital is a Residential Mortgage Lender, and an RMR Financial company, licensed by the California Department of Corporations under the California Residential Mortgage Lending Act, license #415-0027.