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.  […]

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