Keeping those credit scores up!

Your credit score is one of the most critical numbers linked with you. Your credit score and significantly affect your ability to obtain items like a new vehicle or even a dwelling. It is vital to manage your credit profile so you can constantly have the ability to buy the products you want.

Your score can improve by managing your credit responsibly over time and by following some simple recommendations:
Ask For a Free Credit Report Yearly
First, make sure the information in your credit report is accurate.  You are entitled to one no cost credit report yearly from the three credit bureaus - Equifax, Experian and TransUnion.  Visit www.annualcreditreport.com to obtain your free reports. You may also purchase a copy of your credit score report through this website.

Review Your Credit Report for Accuracy

Second, review your credit report for accuracy (last activity, date opened, account balance, account limit) and have incorrect or erroneous information updated.
Reduce Large Credit Card Balances rule of thumb credit card balances should remain at 50% or less of the credit card limit.

Third, reduce excessive credit card and revolving account balances, but do not cancel the account. Do not apply for credit that you do not need as excessive credit report inquiries can lower your score.
Avoid Shifting Credit Balances.

Next, keep away from transferring credit balances from one account to another just to take advantage of low introductory interest rates. The mix of inquiries and brand new accounts can negatively impact your score.

Steer Clear of Finance Company Type Accounts
Finally, if possible, steer clear of finance company type credit accounts including 12 months same as cash and 90-day accounts. Home loan loans, installment loans and revolving credit card accounts impact your score more favorably than finance company accounts.

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Hearings Begin on Inclusion of LGBT People in Fair Housing Act – Tell Your Stories

Hearings Begin on Inclusion of LGBT People in Fair Housing Act – Tell Your Stories

FHA Loan Requirements Changing

Today FHA announced that it would make sweeping changes to the current FHA mortgage program in an attempt to shore up it's beleaguered balance sheet. As many existing FHA borrowers default on their home loans the move is necessary to ensure the program stays solvent.
The biggest impact will be the increase in the up front mortgage insurance required. FHA will raise the up-front Mortgage Insurance Premium, paid by borrowers, from 1.75 percent to 2.25 percent as well as request legislative authority to increase the maximum annual MIP that the FHA can charge. This is the second time in two years that it has raised the premium.
In addition, in order for new borrowers to qualify for the 3.5 percent down payment program, they will now be required to have a minimum FICO score of 580. Borrowers with a lower score will be required to put down at least 10 percent.
The FHA will also reduce allowable seller concessions, or how much the seller can help the buyer, from 6 percent to 3 percent. The change will give borrowers a greater financial stake in their home purchases.
Commissioner Stevens, with the FHA, said he wanted borrowers to have more "skin in the game," and this is clearly a means to that end.
As of today, the date that these changes will take place has not been announced. BOTTOM LINE IT WILL TAKE MORE CASH FOR A BUYER TO CLOSE UNDER FHA LONA PROGRAM. If your thinking of jumping into the housing market, sooner than later would be a good idea.