Do I have to pay off all my debts & collections before I can get pre-approved for a home loan?

It all depends on the type of program as well as the type of collection. Charge-offs are typically not required to be paid if explained correctly to the Underwriting Dept.

are they medical collections ? lindaonthego@outlook.com

It really depends on the the lender/underwriter and the age and amount of the collections. Every lender sees it a bit differently. Also, it very well may depend on how old the collection accounts are. If that are years old they may be "forgiven" in how underwriters see it. I would speak with a qualified local mortgage loan officer and get their advice.

It depends on the lender, the program, and your debt to income ratios.

Hi, that really depends on the type and size of the debt. If it has been placed as a lien on title, credit, etc. I can run you a credit simulator so you can see how that debt is affecting credit which will also play a factor in whether or not you should pay that off before application. Laleh(at) AmericaChoiceMortgage.com 888-843-5525

If they are medical collections then typically you do not have to pay these off for any loan. For other collections you want to still be careful about paying these off if they have not reported for some time as when you do pay them off it will bring the collection trade line current and then could lower your credit score. If your credit is in good shape to get a loan then you can always just show proof during loan process that they have bene paid in full if they are required to be paid. That is the best way in order for the collection being paid off not to impact your score. A lot of people think that paying the collection off will help their score but collections are digested by credit algorithms more by looking at date of last activity.