Question by S S: Is there a program that allows a homeowner to refinance their house for what it is currently worth?
Someone told me there was a program similar to this that Obama created. Has anyone heard of this?
Best answer:
Answer by Judy
Mortgage forbearance
Go to hopenow.com – a governement website set up by HUD
Call the 800 number and ask them.
This site was set up to help homeowners from losing their homes.
The government is there to help – take advantage.
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Question by HappyThoughts: Intrest rate for buying a house?
We have pretty poor credit. I know we can’t buy right now, try but I was wondering what the interest rate might be for a low credit score applicant.
Thanks!
Best answer:
Answer by bull_rooster_aardvark
Depends on how low and what your down payment and income are like. Best way to find out is go to a mortgage broker and ask. You could also fill in an application online (Eloan, illness or somewhere – do the rate search in eLoan if you go there) and see what they say.
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In my area, I have a loan person who can help people obtain
loans with a credit score of 580. Some places still offer low interest rates for these people. You have to shop around and find out what is out there. Sellers will sometimes help with closing cost.
It depends on how low. Down payment will also affect credit score and whether (and how much) you have to pay for PMI (private mortgage insurance). No broker, bank, or other lender will give you an exact rate quote until they pull your credit and take an application. Do not apply simply to find out as every time you apply for credit it goes on your credit report and could lower your score further. If you know your credit score you can get an idea online – just do an internet search on mortgage rates. If you don’t know it, get your free credit report online and pay the fee to get all three and your credit scores.