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Charge offs and collections: Can I qualify for a mortgage?
You can still qualify for a mortgage loan with charge offs and unsatisfied collection accounts. FHA does not require that you pay off old unsatisfied collection accounts to qualify for a residential mortgage loan. However, if you have unsatisfied non-medical collection accounts of $1,000 or more, than 5% of the uncollected balance is used towards calculating your debt to income ratios. Non-medical collection accounts are exempt from any collection rules. Here is a popular article on charge offs and collection accounts I have recently wrote and published on http://www.gustancho.com.



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