Wow, some good news

The President of the Federal Reserve Bank of Philadelphia said Wednesday (January 13th, 2009) that they expect the economy to slowly start recovering in the second half of 2009 and inflation to remain below 2 percent over the next year.

FHA loans are on the rise

It's no surprise that FHA loans are the biggest trend in lending and the trend is growing. In 2003 - 2007 FHA loans averaged 2.9% of all loans done but in the 3rd Quarter of 2008 FHA loans accounted for 26.1% of all loans originated.

The Anatomy of a Credit Score

Your credit score, often referred to as a FICO score, ranges from 350-850 using information from the 3 major credit reporting agencies: Equifax, Experian, and TransUnion. According to FICO, a credit score is made up of 5 components: 35% reflects credit history, 30% reflects amounts owed, 15% reflects length of credit history, 10% reflects new credit, and 10% reflects types of credit. Median score is 732. You are entitled to a free credit report annually and you can go to AnnualCreditReport.com for this.