If you get denied bc of an old coll. acct an you do an reconsideration about paying it off at closing.What are the chances approvi

In some cases we allow collections to be omitted or not even used against you depending on the type of collection and date of the last collection activity. If you have a copy of the credit report I could let you know if we can do it.

If it's an old collection under 2k and your mid score is above 640. There shouldn't be any problem getting approved. Contact us directly and I can get you a pre-approval today if all else qualifies.

DON'T pay it if older than 12 months. If it is already paid off (especially quite a while ago) and you get a letter stating the account is being reported incorrectly it may improve your score. There may be other ways that are better options to improve your score which will also improve your loan rate. In SC and I can help: pdumouchel@primelending.com or 843-619-6025 http://pdumouchel.primelending.com **PrimeLending was the #4 purchase mortgage lender in the US in 2012 and 2013 as determined by MarketTrac(c) for Jan-Dec 2012 & 2013

You're questions can be answered by any competent loan officer who walks through your credit report with you. If you have written OFF items that have been paid, medical collections under $2,000, other established good credit, and a mid score above 640 you should be out shopping for a home with an approval letter already. Good luck.

Paying an old collection will only reduce your credit score.. and medical collections under 2000 are pretty much ignored by most lenders, so If you get denied, it's probably something else on the credit the lender doesn't like.. I will say this.. if your using one of the Big 4 banks, or a very small community bank, then you need to ditch them and find a local mortgage broker.. Brokers deal with numerous lenders with varying lending programs.. they can seek out the best loan product for your particular scenario, and will usually be less expensive since they have lower overhead.. and by dealing with someone who is local, they would have an advantage since they would be familiar with local intricacies then any out of state lender.. 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

If you get denied for a closing, it's a denial. Prior to that, the underwriter may suspend the file. At that point, the underwriter may (depending on guidelines) allow the collection to be paid at closing. It's best for the loan officer &/or processor to review Automated Approval requirements and overlays BEFORE submission, and then create a cover sheet requesting the exception to be allowed to be paid at closing.