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Wanting to buy a home, but unsure of what to do about collection accounts.
Hello, currently my credit score is technically good enough to be approved for a home loan, however I do have some accounts in collections. Most of the collections are so old, they should fall off of my credit in a few months. Paying them now may just have the effect of them being listed as closed which would keep them on my credit report for even longer. And trying for a pay to delete option runs the risk of the creditor restarting the 7 years over. Not to mention that both of the above options would eat into my down payment. Unfortunately, I don't really have the time to wait for them to just fall off. Due to certain circumstances, the type of place I need to buy doesn't come along very often and one is available right now. My question is, If I apply for a loan now, will they deny me because of the collections even with them being so old and my score being high enough? Will they possibly require me to pay the collections even though it would lower my down payment to do so? I can pay the newer ones if needed (still pretty old) but to pay them all would leave me without a down payment.

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I have good news and bad news. Bad news: most mortgage brokers will want to see any open collections paid before they will loan to you. 
Good news: Paying them isn't going to keep them on your report any longer. Collection accounts may be reported to the bureaus for 7.5 years after the date you became 30 days late with the original creditor, period. If they get sold from one collection agency to another, or you pay them, or you talk to them, it doesn't matter. There is no such thing as starting the seven years over. 

This is a perfect example of how the contents of the report are actually more important than the score. 

More good news: Depending on your score, there are options out there for people who have no down payment. You can get a mortgage with conventional financing with a FICO (not Credit Karma's Vantage) score of 680 pr better with no down payment. I think paying them off may be the way to go, although they won't fall off when you do. They will just show up as closed and they won't even help your score much. Still, closed collections are a whole different animal in the mortgage broker's eyes than open collections. 

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What type of collections

3 questions to be able to answer this fully...#1 what type of collections?  Medical? or other?  #2 what amounts are we talking about?  is the sum >$2K or <$2K?  #3 What loan program are you wanting to apply for?  VA? FHA? or conventional?

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