At MortgageDepot, we believe that your financial challenges of the past should not prevent you from achieving your real estate goals in the future. If you need a mortgage in Pennsylvania and have collections and charge-off accounts on your record, we will help you forge a path toward home ownership.
When it comes to collections and charge-off accounts, Fannie Mae mortgages and FHA mortgages don’t play by the same rules. To effectively navigate these situations, you need to understand the nuances of these loan opportunities.
Fortunately, you don’t need to do this alone. MortgageDepot’s experienced loan officers know the ins and outs of Fannie Mae and FHA loans, and we will explain them in easy-to-understand terms.
We believe that knowledge empowers our clients, so here is a quick rundown of how Fannie Mae and the FHA handle collections and charge-off accounts.
FHA Loans: Within Reach for Challenged Borrowers
FHA loans are sometimes considered a go-to for borrowers with charge-off accounts. Here’s what you need to know about FHA loans and collections:
Fannie Mae Loans: Another Possibility
Fannie Mae loans, also known as conventional loans, typically have stricter guidelines than FHA loans. It’s still possible to qualify for a Fannie Mae loan if you have looming charge-off accounts. Here’s how:
Contact MortgageDepot Today!
At MortgageDepot, we know that you have goals. We also understand that some goals seem worlds away when you have collections and charge-off accounts in your financial history. If you need a mortgage in Pennsylvania, contact us today. We specialize in taking the most challenging borrower situations and turning them into real estate success!