Question by One Still Man: How much lowerr with the Hamp Program lower my credit rating?
My wife and I have excellent credit! My wife applied for the Obama Hamp program since I am out of work. We just found out it might lower our credit rating. I wish she knew about this sooner. How much will this Obama Hamp program hurt our credit rating? Is there an institution I can find this real number from?
Thanks
Best answer:
Answer by bdancer222
I’m not sure if or how much the program would impact your score. It could be a temporary ding, here online like a debt management program. It’s noted while in the program but on completion the notation is removed.
It may also depend on exactly whay kind of loan modification you are doing. Some of the programs may ding your credit while others won’t.
In any case, shop if you are currently out of work and are in need of loan modification for your mortgage, you really aren’t going to be looking for and new lines of credit. Losing a few points on your score won’t make a lot of difference. Certainly won’t ding your credit as bad as a foreclosure would.
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Question by happyhive7: What kind of government grants are out there to help with housing/home foreclosure?
I’m on the verg of foreclosure and need help fast! I know it may be a bit far fetched to receive a grant for home foreclosure but I’m just reasearching any possibility to help me not lose my house.Any info will help. Thanks.
well dawn666, store My husband has a full time job and we have 5 kids and we like many people in the united states has found ourselves in a hard situation, prescription so before anyone else thinks I’m a lazy bum try to not be an IDIOT first!
Best answer:
Answer by dawn666annapolis
i think the gov. has exhausted all funds available. you need a job.
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Question by belle: Is it stupid to buy a home now?
I am in college and have no money to put down. But I’m tired of throwing away money on rent. I’m thinking I can buy a small modest home, this site but I would need to rent a room to afford it. Is this as absurd as I think it is, or could this potentially be a good investment?
Best answer:
Answer by xxxyachiruxxx
You can buy a small apartment I suppose.
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its absolutely not stupid, its actually a great time! alot of inventory, prices reducing: a buyer can have a great amoung of leverage in negotiations but you do have to have money these days. Lending standards are tighter than last year.
Could be. If you are a “handy-person” type, that would even help. This is a pretty good time. Wait until after the summer, and then start looking at the homes that didn’t sell. They will be a little more concerned if they are ever going to sell. You MIGHT be able to snag one for a very good price. Make sure you have your credit in order, and look to get preapproved for a loan in late July to early August
Its not absurd at all. Right now the real estate market is in a slump, so prices are low. Its a much better idea than wasting money on rent, since renting out a room would help pay for it, and later on you could sell it for profit.
It’s a good time to buy a place if you have a steady income and your annual salary is at least 1/3 the purchase price of the home and you don’t have debt (you are so young you should use the extra money to pay off your debt first).
One thing to consider is you are very young and you need to be sure you will be around for another 5 or 10 years if you are going to buy a house. You don’t want to house skip because it is a lot of money out of pocket every time you do it.
Well, it depends on how much you need to borrow. If you have no money to put down, it’s unlikely that you will be able to buy a home anywhere, especially if you are a college student with no income. If you do have an income, you should check with your local lenders to see if you qualify. Nobody can predict if the property will be a “good investment,” any more than anyone can predict whether Microsoft or GM will be a good investment, or whether interest rates or corn prices will go up or down. If you can do that, you can become a billionaire with no work at all.
This is a good time to buy a home – for it is a Buyer’s market. You can probably negotiate a very good deal on a home whereas you couldn’t really do much negotiating even 5 years ago.
However – you are going to need at minimum 10% down payment.
It would be a good investment if you can arrange the purchase, for it will grow in value over the time you are in college, and once out and you move on in your career, you can sell it at a profit, and have a bigger down payment for another nicer home, or you can hire a property management company to rent it to other college students and have an income coming in off it.
Just be sure you are fully aware of all the responsibilities of owning your own home. Property taxes, maintenance, etc. No landlord to call to fix things – you are it.
It all depends on what you are trying to accomplish. I would say that if you can swing it financially, go for it. Being a home owner is way better than renting, because finally your monthly payment is going in to your own pocket instead of someone else’s. Right now in most US real estate markets (not all of them, so find out more about your local market before going too far), it is a fantastic time to buy. If it is something which interests you to do, look in to it further.