While watching TV last night I saw a flash across the screen about a 1% loan stimulus package the government was offering to home buyers or new

Asked by Katfish, 70582 Thu Nov 5, 2009

buyers. Could you please explain this if you understand what I am speaking of. Thanking you in advance.

Help the community by answering this question:

+ web reference
Web reference:

Answers

3
William Pola…, Mortgage Broker Or Lender, Suwanee, GA
Fri Nov 6, 2009
That refers to loan modification. Stand in line...Not everybody will qualify for that rate. It depends on your income vs debt, value of home vs balance, credit, how far behind you are on your mortgage. It's basically a marketing tactic to get you to call. Average rate drop is to 4-6%. They usually will drop the balance of the mortgage and keep the rate the same so that when you come out of the modification you will pay the rate you had before with a higher balance. Yes, this will damage your credit.
0 votes
CCC, Home Owner, San Diego, CA
Thu Nov 5, 2009
Local or National goverment?
Did it sound like an infomertial? 1am?
I will suggest to contact your housing county department. It sounds like CALL NOW for details! and there are no details. Be carefull when giving your information.
0 votes
Christina Ar…, Agent, STANARDSVILLE, VA
Thu Nov 5, 2009
Hmmm.....not so sure about that. I haven't heard anything about that. There are so many rumors out there. Wouldn't that be nice though.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more