Charged-Off Accounts & Buying a Home. There are a lot of credit myths when it comes to buying a home. For instance, did you know that FHA does not require a charge off to be paid off or explained if it happened more than 24 months ago? If you’re not sure how your credit hiccups affect your ability to own a home, let’s talk and I’ll help you figure it out!
Related Article Title: FHA Requirements for “Charged-Off” Accounts Question: My client has a charge-off from several years ago. Is this required to be paid off prior to closing? Answer: No. A charged-off account would not need to be paid off unless it reappeared as an active collection, and then it would depend on the circumstances. […]