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Posted in Mortgage
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Question By
KayRisTee

1 Contribution
7 People Helped
Is it possible to get a Mortgage with 4 open collection accounts?
I have 4 accounts in collection. They're all open, all over 4 years old. I have been working to improve my credit score. It's currently 618. I was wondering if it is even possible to get a mortgage with these accounts on my report.

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Top Contributor
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You can qualify now if you go through www.naca.com  Otherwise, most mortgage companies I know won't approve with outstanding collection accounts.

Top Contributor
1884 Contributions
3672 People Helped

if you can find a bank to approve you

you will pay through the nose. 

The lower the score and accounts in collection make you a high risk  You can expect to pay the highest interest rate they allow and exsorbanant closing costs. Get the collections paid off and get your score over 750 to get  those advertised rates of less than 2.5%

Good Luck

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