Medical BIlls

Any general questions you might have in regards to loans and finance.
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poochie29
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Joined: Fri Jan 01, 2010 1:30 am

Medical BIlls

Post by poochie29 »

My question is in regards to medical bills in collection. I have a few medical bills on my credit report that are in collection because at the time I did not have medical insurance. I want to know how do those medical bills affect a mortgage lenders decision to extend credit to me.

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Otto Dargan
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Re: Medical BIlls

Post by Otto Dargan »

If your credit file shows defaults of any type then this will be taken into account when you apply for a loan. Generally if you borrow over 80% of the property value then major lenders will not help you. If you borrow less than 80% then they may help you if you have a good explanation and the defaults are paid. Otherwise you will have to resort to more expensive non-conforming lenders that can consider applicants with bad credit.
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