Redwood City FHA Mortgage Scam
FHA is going to start tougher requirements for home borrowers who use FHA Mortgages. These new requirements are all part of a belt-tightening policy. On the surface this is a good thing. If FHA enforces these new mortgage requirements the thought is they will not leave their Mortgage Insurance companies exposed from the “bad” buyers FHA gives loans to if the borrower belly up.
The requirements you probably will hear the most about is that if you are in an ongoing dispute with anyone on your credit report in the amount of $1,000 or more you will not get a FHA loan. It’s OK if you resolve the disputed, or a documented payment plan is in place with your creditor. Now that seems fair. But here’s the rub where you may not agree with FHA.
Here’s the problem: Hackers now are stealing your credit information and selling it for as much as $80 if you have good credit score and $40 if your credit score are in the mid-600. This is according to MSNBC.com. What this means is if you have good credit, which would be acceptable to FHA guidelines your chances of being hacked are pretty good. The credit thieves will not care about the guy next to you with a FICO score of 610 or less.
I am sure you have heard about the many nightmares people go through with credit identity thieves. This is no different, you will cry if your credit finds itself into their control.
Solutions: (Tongue in cheek), keep high balances on all your credit cards and revolving credit accounts. That way your FICO scores will be so low no one will want to steal anything from you. Seriously, please don’t go online and run your credit report on one of those sites you have seen on TV or in your email. Two sites are the main culprits to stay away form and they are: AnnuelCreditReport.com and CreditReport.com. Don’t use any of these companies as they will make you cry.
Get your credit report from the lender you plan to use when buying your new home. They will use only the three credit reporting agencies available here in the USA. They are going to do it anyways when you send your loan application in so why get ahead of yourself? You already have an idea if you have good credit or not. If your credit was bad you would not be buying a home.
Don’t become a cry baby! Stay off sites that make claims to give you credit information. Save your money and time by being smart.