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Many times you can buy a home if you are in collections. It depends on the amount of the collections. It they are very large and they could jeopardize the lenders security with the home, the underwriter may request that you payoff the collection before closing on the loan. If they are very small the Underwriter may allow you to close on the home without paying them off.

Note: If your FICO scores are close to a minimum qualifying score and you are being required to pay off the collection, ask if you can bring the money to your closing. The reason is this. If the collection is older, your credit score will most likely drop when you pay off the collection. This could lower your score to a point where you no longer will qualify. Many Underwrites will allow it to be paid at closing, so that your score will not drop until after you are in the home.

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15y ago

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