This is a YouTube video titled "🚨 Collections 🚨" containing a single-speaker explanation about how different types of collections affect home loan qualification, recorded on December 20, 2021. The speaker discusses medical and non-medical collections and their impact on estimated payments for loan approval.
You have collections, you're trying to qualify for a home loan, it might not be as scary as it sounds. If they're medical collections, we could just exclude them like they don't even exist. If they're non medical and they're up to $2,000, we can still exclude them like they don't exist. And if the non medical are greater than 2,000, then we just have to do a 5% estimated payment. So if it's a $5,000 total collection, $250 a month be the estimated payment. If the loan still qualifies with that, you're good to go.
