No lates with FHA for 12 mnths? (debt, collection, typical, collections)

[worried4kids]

I read this on a thread here. What about if it was a collection account that was paid off?
Does that count as a 12 mth thing? So do you mean you have to wait 12 mths to get a mortgage after you pay off a collection account or any account that was "late" ? (we have 0000 dollars of debt on our report, but it was all just paid off in the last few months) they were charge offs that we paid. I'm confused......

[Daddys///M3]

Originally Posted by worried4kids

I read this on a thread here. What about if it was a collection account that was paid off?
Does that count as a 12 mth thing? So do you mean you have to wait 12 mths to get a mortgage after you pay off a collection account or any account that was "late" ? (we have 0000 dollars of debt on our report, but it was all just paid off in the last few months) they were charge offs that we paid. I'm confused......

If the account went to collections more than 12 months ago and you paid it off a couple of months ago than it is a non-issue.

[renriq02]

it doesn't include collections.

collections over 2yrs typically dont have to be paid.
medical collections don't have to be paid...

[worried4kids]

Well, crap, I wish we wouldn't have paid those medical collections then. LOL, just kidding. We always wanted to pay the bills. Thanks for clearing that up for me.