New mortgage rule might hamper homebuyers seeking FHA loans

Source: Kenneth R. Harney, Washington Post

A little-noticed mortgage rule change that took effect April 1 could create hassles for significant numbers of homebuyers who plan to use low-down-payment FHA financing this spring. The change affects anyone with one or more “collection” accounts buried away in national credit bureau files. These include medical, student loan, retail and other debts reported — correctly or incorrectly — as unpaid by creditors and subsequently sent to collection agencies.

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