Medical BIlls
Medical BIlls
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.
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
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Re: Medical BIlls
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.