Credit Scores, the Government and 2 Ways to Make Hay with FHA

Welcome to this week’s roundup of posts from the Zillow-sponsored Mortgages Unzipped blog.

The week began with Eleanor Thorne introducing us to ways that single parents can qualify for FHA home loans with her post “Single Mom Qualifying For an FHA Loan.” Here’s an excerpt:

“FHA is a great mortgage program for many single parents because of it’s flexibility. There are some qualifying details that are specific to Single Parents that you should consider:

Child Support and Alimony must be documented for the past 12 months. We will need to see cancelled checks, documented deposits in your account, or court records from the State showing that you’ve received at least 12 months of support in order to count it as a “stable” income source.”

Next, our mortgage definition expert, Justin McHood gives us another great definition, “Mortgage Definition: FHA Short Refinance. Excerpt:

“Recently, FHA (officially) announced that they are allowing FHA lenders to help borrowers who have negative equity in their home get a new FHA loan when the existing lender agrees to a short payoff. This is known as an FHA short refinance.”

Chris Jones outlines in detail the bad of what is supposed to be good in the Wall Street Reform and Consumer Protection Act recently passed by Congress in his post, “I’m from the Government, and I’m Here to Help. Excerpt:

“Creation of the Consumer Financial Protection Bureau: Good: There will be thousands of new federal government jobs, alleviating some unemployment.

Bad: Financial rules for mortgages, banks, credit cards, car and student loans, and everything else will now be made by unelected bureaucrats in Washington, rather than by Congress….”

Ken Cook wrapped things up by explaining credit scoring in detail and exposing some of the tactics used by companies to “restore, repair or enhance” one’s credit for the purpose of obtaining a mortgage loan in his post, “Improve your credit score, guaranteed.

“In today’s darkened economic and political climate the scammers are as likely to advertise their mostly empty promises as the trustworthy service providers. Perhaps the scams are even more prolific.”

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