It’s Friday and that means it’s time again for the weekly round-up of posts from Zillow’s Mortgages Unzipped blog.

The week started out with Ken Cook warning us that “FHA loans set to require minimum 640 middle score”

“The numbers have been considered and tossed around for some time and now most lenders and banks are making the official move to raise FHA minimum scores to 640 from a current 620. While there will almost certainly be those who claim they can and will still offer insured loans below 640, the reality is they likely will not close, or it will be extremely difficult to close – especially if the advertiser is a correspondent lender or mortgage broker.”

Next up I introduced Zillow’s awesome new real estate research site and a recent brief that outlined some interesting stats about factors that impact the APR of a loan.

“The data was collected and analyzed from 25,000 loan quotes from ZMM. The detailed brief that features an interactive table, was picked up by over a dozen major media outlets including, Time, CNBC, The Baltimore Sun, The Wall Street Journal and others. The brief shows the impact of credit score on LTV (loan-to-value ratio) on APR.”

Justin McHood comes through with his weekly Mortgage Definition: FHA Required Repairs

“Many times when buying a house that has previously been a distressed property (either a short sale or a foreclosure), at least a few repairs will be required. According to FHA, there are required repairs and repairs that are not required in order to have the property qualify for FHA financing.”

Chris Birk brings to our attention that Fannie Mae Pledges Mortgage Relief to Military Families

“The company announced this week it would reduce or suspend mortgage payments for up to six months in cases where the death or injury of a service member created a financial hardship. Fannie Mae also plans to suspend credit reporting during that span to help curb negative impacts on a borrower’s credit profile.”

Lewis Poretz writes: The Mortgage Process? – Some Things May Just Be A Crap Shoot

“A scenario came up recently that has been recurring since the inception of the new appraisal guidelines (HVCC ). Even though I have experienced this situation many times over, it’s still an uneasy feeling as a loan originator to address. What do I do? I handle it as any surviving loan officer would and tackle the situation head on, explaining both good and bad.”

Evan Vanderwey gets us: Back to Fundamentals: Key Components of Full Mortgage Approval

“Income must be stable and sufficient for the proposed payment on the home. By stable we mean that it is likely to continue. Two years is a comfortable amount of time for underwriters to look back and see that a person has the ability to earn income.”

Jeff Belonger wraps up the week with an announcement that Mortgage Loan Limits Have Been Extended

“Good news for the housing market. Both the House and the Senate passed H.R. 3081 the other day. This extension allows Fannie, Freddie, and FHA to loan in high cost areas without charging extremely high rates, formerly known as jumbo or super jumbo mortgages.”

Flickr photo: Sky

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