Sweet babe

They are so much sweeter when they are sleeping!

Sent from my Helio Ocean.

Credit Scores free because of Privacy Violations

Are the courts finally listening to consumers? Are the bureaus running scared? Read this article http://www.dallasnews.com/sharedcontent/dws/bus/columnists/pyip/stories/DN-moneytalk_09bus.ART.State.Edition1.3a20a34.html about the settlement with Trans Union. They have agreed to provide consumers with some free services as a result of their prying into our lives, selling our information, etc.....

After you read it, do me a favor and leave a comment, below. I would love to know what you think!!!

Lucy

Fannie Mae Requires Down Payments

Good news! FNMA allowing 3% down payments again... Here are more details:

Fannie Mae Announces Single National Down Payment Policy
Monday, May 19, 2008 -


WASHINGTON, DC - Fannie Mae announced a new, national policy on down payment requirements for conventional, conforming mortgages the company will purchase or guarantee. Starting June 1, 2008, Fannie Mae will accept up to 97 percent loan-to-value ratios for conventional, conforming mortgages processed through its Desktop Underwriter® (DU®) automated underwriting system, and 95 percent loan-to-value ratios for loans underwritten outside of DU, in all geographic locations in the United States. The new national down payment policy will supersede the policy the company adopted in December 2007 that required higher down payments in markets where home prices are declining.

"As another part of our 'Keys to RecoveryTM' initiative, we are today announcing that we will be equalizing the down payment requirements for borrowers in all parts of the country, regardless of local market conditions," Marianne Sullivan, Senior Vice President, Single-Family Credit Policy and Risk Management, said. "This new down payment policy reinforces our goal to support successful home-owning, not just home-buying, as we seek to bring liquidity to all communities and help the housing market recover."

The new national down payment requirements of 3 or 5 percent will apply to loans for purchase of single-family, primary residences. Down payment requirements will vary for other occupancy, property and transaction types. The company will implement systems and operational changes over the summer to accommodate the new national policy.

"We are able to adopt this new, national down payment requirement, even in markets where home prices are declining, because our new automated underwriting risk assessment model DU Version 7.0 will limit risk layering and assess each loan more precisely," Sullivan added. "At the same time, we believe that equity matters, especially in this market. Down payments are a critical success factor in homeownership -- and responsible lending is good business."

Since the housing correction began, Fannie Mae has expanded its mortgage guaranty business to serve the market's urgent need for stability, liquidity and affordability. The company also undertook steps to help protect borrowers, manage the increased credit risk in the market, and fortify the company's capital position. Among these steps, the company has continued to assess and establish new pricing, eligibility and underwriting criteria for its business that more accurately reflect the current risks in the housing market and guard against the potential for foreclosure. These changes have been incorporated into DU and have included adjustments to credit risk assessment, loan-to-value ratios and down payment requirements, among other factors.




Among the changes in response to market conditions, in December 2007 Fannie Mae adopted a "Maximum Financing in Declining Markets Policy" that restricted the loan-to-value ratios on properties in markets where home prices are declining, essentially requiring higher down payments in these markets. The new single national down payment policy announced today will supersede that policy.




Fannie Mae Senior Vice President Jeff Hayward stressed the company's commitment to special affordable lending programs to support homeownership for families of modest means. "We are stepping up to provide more liquidity and affordability to some of the most distressed communities while also seeking at least a 3 percent down payment investment through our Desktop Underwriter system from borrowers to help ensure their success."

Fannie Mae will continue to provide support for homebuyers that need down payment assistance, and will continue to allow loans with Community Seconds® up to a maximum 105 percent combined loan-to-value ratio. Community Seconds allow a borrower to obtain a second-lien mortgage to help cover down payment and closing costs, with funding typically provided by a state or local housing agency; an employer; or a nonprofit organization. Fannie Mae also offers MyCommunityMortgage® and Flex mortgage products, which permit down payment assistance programs in the form of gifts and grants.

"We recognize that down payment assistance programs remain a viable tool for borrowers who can afford a mortgage long term, but might need a little help getting started," Sullivan said.

As part of its "Keys to Recovery" initiative, Fannie Mae is expanding its partnership with the National Council of State Housing Agencies. The company will provide up to $10 billion in financing to help Housing Finance Authorities (HFA) serve first-time homebuyers of modest means. In some cases, Fannie Mae will purchase HFA mortgages that have greater than 97 percent loan-to-value ratios.

The first "Keys to Recovery" initiative that Fannie Mae announced on May 6, 2008 also includes: streamlined refinancing for Fannie Mae borrowers whose mortgage balances exceed the value of their homes; improved pricing for jumbo-conforming mortgages to help borrowers in high-cost areas; and a neighborhood stabilization initiative with the Center for Community Self-Help for targeted areas with high home foreclosures.

Is Credit Repair Legal?

Everyone always asks me if Credit Repair is legal. Of course it is! Think about it, some private company compiles information about you given to them by third parties. For a fee, they publish this information to other third parties. If their information isn't accurate, it would fall under libel and slander laws.

Can you repair your own credit? Of course you can! That's why I offer educational and self help materials at www.originalcreditcoach.com I believe that you should think twice before you hire someone else to do your credit repair. There are so many scams out there; false promises, etc....

For example, there are many people claiming that they can remove 100% of your negative items. To even make that claim is illegal.

In effect, Credit Repair is legal and it will improve your life.

This was created by my friend Michelle Taylor.

FAKO vs FICO

Here's a dirty little secret that THEY don't tell you....

When you buy your credit score online, it might be worthless. Did you know that the FICO scoring model is secret? Just like the formula for Coca Cola, it's the real thing.

The only way to REALLY know the credit scores your lender will use is to get a coyp of your report from your Mortgage Broker (hopefully, that's me!).

When I pull your credit, it's the real deal. The licensed score I pull and pay for is the actual score calculated by the secret credit scoring computer. Not like some cheap Rolex knock-off you find at a New York street vendor.

If you want to repair your credit, make sure that you start with a real credit report.

Fed Cuts Don't Mean Interest Rates will be lower

Here's an article on why mortgage interest rates do not follow a Fed rate cut:

http://money.cnn.com/2008/03/14/news/economy/ratecut_mortgages/index.htm?postversion=2008031810

Enjoy!