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Keeping Your Credit Clean
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Written by Phoebe Chongchua
Many homebuyers frequently wonder, “If I am shopping for a home loan will my credit be affected each time a credit report inquiry is made?” It’s a logical and intelligent question to ask; the answer is: not significantly, if the credit checks are done in a short period of time.
When a credit check is made by a potential lender it is called a hard inquiry. When a hard inquiry occurs it does have an impact on your credit score. However, when you’re shopping for a mortgage or a car loan, credit bureaus typically cluster the hard inquiries together because the credit reporting bureaus understand that the consumer is shopping for the best loan.
“So for example, if you’re shopping for a new mortgage and three potential lenders pull your credit score within three weeks, that is looked at as one inquiry for that purpose,” says Steven Katz a spokesperson for TransUnion’s TrueCredit.com. Keeping your credit clean is critical. Katz offers the following advice to help ensure healthy credit.
To read more on this article click here. |
Home in Five First-Time Home Buyers Program
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Phoenix and Maricopa County homebuyers can now get a five percent down payment assistance grant and 6.30 percent mortgage rate through the Home in Five bond program issued by the Industrial Development Authorities (IDAs) of the city of Phoenix and Maricopa County.
The IDAs have a $25 million single family bond program for 2006 that helps borrowers purchase their first home. homebuyers have access to mortgage loans (FHA, VA, RHS and Fannie Mae- and Freddie Mac- eligible conventional) that also provide a grant for down payment and closing cost assistance equal to 5 percent of the original loan amount throughout Maricopa County, including the city of Phoenix.
“The Home in Five program provides mortgage loans at an attractive intrest rate with a down payment assistance grant to families who might otherwise be unable to afford a home,” said Ruben Ramos, president of the Phoenix IDA. “For example, a first-time homebuyer who received a $100,000 loan would receive an additional $5,000 grant, which could be used for down payment and closing costs.”
“The largest barrier to home ownership many families face is a lack of a down payment,” said Tifton Simmons, president of the Maricopa County IDA. “We want to continue our long-standing support and encouragement of home ownershipby providing a way for families to achieve and afford the American Dream of owning their own home.”
If you would like to read more about "First-time Homebuyers Programs"... Check out My Blog ! |
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