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Are borrowers required to pay off collections to qualify for the FirstHome program?

April 26, 2017borrowers collections FIRSTHOME pay program qualify

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Are borrowers required to pay off collections to qualify for the FirstHome program?

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NCHFA requires all individual non-medical collections exceeding $2,500 to be paid in full prior to or at closing, regardless of the Automated Underwriting System (AUS) credit recommendation. For collections less than $2,500, we will follow the AUS feedback requirements.