Ask the Experts: Will Gov't Housing Assistance Hurt My Credit?
I think I may qualify for the housing plan that President Obama passed. Will it affect my credit score if I take the government plan? -Soraya
Good question. Whether or not something affects your credit score is based 100% on HOW it's reported to the credit bureaus. Simply using a government plan to buy a home is not a bad thing and it would be unlikely that your lender would report it in as much detail. Having said that, a mortgage of any type will likely affect your score when the account hits your credit reports.
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John Ulzheimer is a nationally recognized credit expert, president of Consumer Education for Credit.com and
contributor to On The Money. Learn more about him at CreditExpertWitness.com.