2012-05-01 — post-gazette.com
Homebuyers who have debts that have gone into collection are not automatically disqualified from obtaining a mortgage through the Federal Housing Administration, but new rules will soon require those homebuyers to at least set up a payment plan for delinquent credit accounts before closing on a house.
The new FHA standards going into effect on July 1 also will give prospective homebuyers a chance to dispute debts that do not belong to them due to identity theft, credit card theft or other types of financial fraud. Those debts will not be counted against them.
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