FHA – Charge Off Accounts with Balances: Do non-medical charge-off accounts with balances need to be paid off or show a zero balance to qualify for an FHA loan?
Answer: Lenders consider charge-offs and collections differently when evaluating credit. Contact us for clarity! A charge-off account technically cannot have a current balance as it is a charged-off item and has been written off by the creditor. Any balances showing on the credit report for a charge-off is merely showing the last balance reported at […]