We have a debt that features gone into collections. How can that impact my eligibility for the FHA loan?

We have a debt that features gone into collections. How can that impact my eligibility for the FHA loan?

If one or maybe more a borrower’s loans or debts have already been turned up to a group agency by a creditor, additionally the total of these balances is $2,000 or maybe more, then your lender must confirm that your debt is compensated in complete ahead of FHA loan approval, or that the debtor has made enough plans because of the collection agency or creditor to cover from the financial obligation.